Hmmm - Some fairly strong opinions on this thread. This is...

Hmmm - Some fairly strong opinions on this thread. This is supposed to be a charting forum yet many of the arguments are based on fundamentals and while fundamentals drive chart movements, as a chartist I don't research them, preferring to rely on what the chart tells me. I'm also a short term trader and not interested in the long term outlook whereas I suspect many of the posters here have a longer term view - and that's fine but it is different perspective. As for WKT I've never traded it because the patterns it makes aren't those I chase and it's volumes are less than I like. Anyway, for what it's worth....

Despite the recent fall from its June high the stock remains in a formal downtrend as it didn't make 12 lower weeks (fell short by 1 week). So while I initially thought Max's logic was on the money as a rising flag is a continuation pattern and hence if the previous trend was down - that's where it should go. However, that trend was still up. Continuation patterns also theoretically need 2 troughs and 2 peaks on the boundary - but on a weekly chart, not a daily and WKT doesn't quite have that yet (but I concede it certainly seems to be heading that way).

Elliott Wave is unclear but would suggest that price is on Wave 3 which is the longest and strongest rising wave - so another tick for higher prices.

I like to see channels as a guide and on the weekly they are a bit subjective - although a line from the 2015 peak (probably top of a Wave 1 of current price cycle?) is a fairly good match for a line from what would be the end of Wave 2 that sits under the price action. Were this to be correct I'd strongly suspect price will fall back to that line.

So in summary price could go either way and as a chartist I could see arguments for both. There are more arguments for further significant rises than significant falls and if I was a holder (which I'm not) I'd stay with it - but if price fell back below $0.245 it could be time to go (but that's a short term trader's perspective). Is it a stock I'd buy - no way at the moment as I think the charting jury is out.

As a postscript, if price were to now drift up to $0.35 and close above that level with daily volume I could see a short term target of around $0.42 and could be tempted.Good luck to the holders (of both the stock and their diverse views). While we don't always agree with each other it is respecting and considering those diverse views that allows us to see other possibilities in the charts.