Hi Ed.......TA 101.....identifying repeating, historical price patterns/trends.
Below is the up trend lr chart from the 33c. low on 29/06/22 to the $1.35c.
high on 29/05/23 (in isolation).......which generated an UP SIDE channel range of 61c. and a DOWN SIDE channel range of 17c.
Beyond 29/05/23 trend lines, and KEY TP's, horizontal support /resistance levels are forward looking (extrapolated)...... and PREDICTIVE in nature.....to both the down side and up side.
The recent test of SUPPORT at the lr trend line was RESPECTED....as was the subsequent reactive test of RESISTANCE @ 91c. RESPECTED
There maybe 'sometime between drinks'.....so, expect a break below that lr trend line, and a test of the next key HORIZONTAL support level......@ 74c.
Cheers.....keeping in mind TA & FA are NOT mutually inclusive......no matter how much money is in the bank.
General Investor Information EBR Systems, page-164
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