Just realised I posted in the alternate chart thread just...

Just realised I posted in the alternate chart thread just before. Reposting here:

This is a post that leads on from Suw's post on the chart. I agree with Suw on the current trend. LKE was on a downward trend for the majority of this year, but this trend ended in mid-May. It was unclear at that stage whether the trend has ended, however after it broke the down channel line in June, dropped and retested and found support, it confirms that a trend change has taken place.

For the first half of July, we rallied to the recent highs of around 40c, which acted as a psychological resistance since LKE hasn't really closed above 40c many times (that's the horizontal green line). However, yesterday we broke that with a decent amount of volume and in fact closed above.

You can now draw a trendline with the bottom channel following along the touchpoints and the mid-channel at the previous recent high. This means that there's still a 11-12% rise to the mid-channel, which could happen very soon. At that point we might have a bit of resistance or, depending on the volume, could very well thrust through and go straight to the top of the channel. The top of the channel takes us to over 50c and if this occurs, then we could be in for a major rally similar to what occurred in January this year.

LLKKF in the US also seemed to follow suit overnight, so we could lead another day of gains today in the ASX.

All in all:
- We are now in uptrend
- RSI/MACD/DMI/Volume indicators seem to show positive signs
- Our distance above the EMAs seem to be increasing, which show signs of more upside momentum developing