Oops previous post went in general, so am repeating here.
Well done traders who exited in the 90s today.
Well we finally have a chart pattern operating in a congestion zone, the first for quite a while.
It found $3 resistance price where previous history showed a lot of action. After such a parabolic rise, it needs another consolidation phase.
I see price action trading a range of $2.67 to $3 for a while, with a lower support zone at $2.55. Those are ranges that should give support resistance plays.
This is as at yesterday, so imagine a top today of $2.99. The late comers on the news would have bought in these ranges. Most action for the consolidation should be inside todays candle.
The higher gaps have now been closed. Lower gaps should be irrelevant as the coy has been re-rated. The nearest gap at 2.22 and 2.26 aligns with support in Jan 2011.
Wish list...a cup and now handle formation :))
LNC Price at posting:
$2.77 Sentiment: Hold Disclosure: Held
