highest close ever, page-2

Chart pattern has formed a classic pennant that has a high probablility of a breakout to the upside, short term target around 44c, my guess is we will get to around that mark next week.

Pictures and description of chart pattern here

http://www.trending123.com/patterns/bullish_pennant.html


Target Price


It is commonly held that the length of the mast indicates the potential price increase. Like the Flag, the Pennant is considered to be a pause in an uptrend. Following the Pennant, the price typically jumps to replicate the height of the mast,in thsi case the mast went from around 16c to 30c while continuing in the direction of the inbound trend.

So if we add 14c to 30c this gives the short term 44c price target.


Implication

A Pennant (Bullish) is considered a bullish signal, indicating that the current uptrend may continue.


Description

A Pennant (Bullish) follows a steep, or nearly vertical rise in price, and consists of two converging trendlines that form a narrow, tapering flag shape. The Pennant shape generally appears as a horizontal shape, rather than one with a downtrend or uptrend.