We need that crucial break out above 2c. It needs to be a clean breakout with a close above it. If it sustains that I dare say that this will trigger a technical buy opportunity for the techies. That's a given. It's one is the chastises staple diets as breakout traded rarely miss.
Now, given some nice fundamentals, that is, some nice action on the way down to TD, the next technical resistance is 8 cents a share. At this point I am sure that Amazon would have met market expectations otherwise it would not be trading at 8c by this stage. Thereafter 12-13c is the next technical barrier and by geez - wouldn't that be a great problem to have?
Again, my forecasts are pure technical only and based on price action.
That being said, the weekly 10, 20 and 50 period moving averages are well and truly cooking and in a very bullish direction. Digging deeper and looking at the daily, this confirms the same thing: UP
The weekly chart is king here as each bar represents 5 trading days and all the daily wish wash comes out as clear evidence in one weekly bar.
That being said, and the way the chart is looking in the extreme short term, I reckon we may see a close of between 2.5-3c per share by next Friday.
Cheer Lonewolf
QPN Price at posting:
1.7¢ Sentiment: Buy Disclosure: Held
