Ok so we are still aligned with my theoretical view mentioned yesterday.
The historic (and now superseded) trend channel structure is providing a foundation/support to ongoing price action. You'll notice the Day trader action halted at the on the upper trendline yesterday (see beginning of red arrow). Personally I thing the Day traders over did it (great bargains to be had though...thanks boys) yesterday but they inturn will pay for their mistake in the coming days. At the current price of 0.048 we are into the beginning of what could only be described as a massive support area the 1st of many support areas in fact. The volume that went through in this upper support region was huge over the 3 prior to yesterday. So expect equally huge support in this region.
Going forward I expect a bounce out of this area ..infact the deeper we penetrate this upper support area the bigger the bounce out of it we should expect. Currently I think if you can pick up shares in this green zone then all good the lower the better of course. ... buying heavily into the Dips
After we bounce out of this area we will retest the resistance zone that was set by most of yesterdays trading which was in the 0.055 to 0.058c zone (Orange on chart) after a bounce down off this I expect we will revisit the supporting uptrend structure again which will again provide support taking us back up and beyond the orange zone. All this shown as the expected trajectory RED LINE.
View attachment 114593
There is no doubt in my mind we are still near the beginning of a significant uptrend. The purely TA and day traders folk will be unaware of the gravity story evolving here and the potential bluesky and will continue to trade for a few pips but the truly massive gains will be had by a buy and hold. I expect we shed of fewer of the larger day traders and short termers yesterday. But they will continue to nibble away and get swallowed by the investor types. If your small investor you are playing in the sand pit of the big boys so expect a big of grit to get flicked in your eye from time to time.A word on the FA. The FA story on this stock is as strongest Ive been able to find currently on the ASX. Not only is it Tech which is hot but in the "Internet of Things" subset of Tech so white hot and signing collaboration deals with majors so not just pie in the sky there is tangible product here. The potential blue sky is huge and that was confirmed recently by the collaboration deal with a leading chip manufacturer announcement on 13 Nov (Last Friday).
