Well my last chart signal turned out to be a tad premature but given that I called it as 'early signs of a momentum shift' I can live with that. This time I'll wait for confirmation before getting too excited.
What we have on the daily now is a descending triangle pattern that is squeezed so tight it hasn't got much room left before it has to break. Usually they break to the upside.
Pattern stats can found found here: http://www.thepatternsite.com/dt.html
Once again the signs are starting to reappear. Support coming into the buy depth and with buyers taking the offers instead of the other way around. Only $75k worth of stock available for a buyer willing to wipe out the 4c line which would provide a clear confirmation of the pattern.
Apparently we have Fabio back in Europe for a very short trip compared to the last one. One can only speculate what that's about but if you want some idea's have another read of the March 7th Investor Update. I'd be very surprised if he comes back with nothing to tell the market.
Fundamental news events often work out quite nicely when they happen to provide the kick needed to get the SP over the line and confirm a chart pattern and with the current state of the chart, Fabio is perfectly setup to create this perfect FA/TA storm.
To set it up perfectly we'd be looking for a close above the red line, then possibly a retest of the red line as support.
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