falling wedge reversal

On Friday OZL fell to just $0.49 on massive volumes [capitulation?] - not far away from its major LOW of March27, 2008 [$0.43]. This prompted some charting research - shown below.

The OHLC chart covers the period from August to Nov21. The dashed blue line represents the March 27, 2003 LOW.

I have included a 2 day swing chart overlay [light blue dotted lines] & another pink one at the $1.04 level since it might be taken as the point at which a major breakout was confirmed.

Although all of the criteria for a falling wedge reversal have been met to date traders will be looking for strong volume to force the SP above the trend resistance line.



4YIO - NFA