This weekly logarithmic chart shows the trend channel with the...

This weekly logarithmic chart shows the trend channel with the lower border defined by the bottoms since of 2020 and 2021, and the upper border by the line parallel, but through the top of 49.5, formed at the end of May. Over the following 3 months, a falling pennant has been forming on reducing volumes, a pattern which is generally considered bullish, often terminating in an upwards breakout on elevated volumes. The last candle is not a full week, just the Monday trading. Prices rose from support tested at 28 last Friday to 31 ct on firmer volumes and closing above the provisional upper boundary of the pennant, suggesting a breakout may be imminent. Trading this far this morning suggests a continuation.

Should a breakout be confirmed by trading this week, Classic charting literature suggest a measured target from the apex (28 c) upwards by the same distance as measured from the bottom of the pennant pole to the top of the pennant. What the bottom of the pole is, is a matter of interpretation, I take it as the breakout from the consolidation at 20 ct, others may look at the breakout above the longer consolidation between 8 and 12 cents.

Using my preference, the price increased by about 150% from just below 20 ct. The same distance measured on a logarithmic chart, starting at 28 ct from the bottom of the pennant would take the target 150% above 28 to 70 ct.

Charts do not always work out and do not take this as advice. DYOR. Cheers, Frits