monday night chart - 3 august

Evening all,

The following assessment relates to the image below and the text is embedded in that image for convenience.

The share price has now achieved a second, strong closing breakout from the symmetrical triangle continuation pattern of the last few weeks, which saw the price contained within the descending, red sliding parallel line and the rising, lower median line of the blue pitchfork. The share price now has to contend with possible resistance at the 1.26 level (represented by the descending, red upper line). Once this obstacle is cleared, the movement of the share price to the 1.410 region in the near term should meet little resistance.

A subsequent movement of the price to the upper median line of the blue pitchfork (which still remains valid) would achieve a price target of 1.635 in the medium term. Note the speed of strong, upward price movements on two earlier occasions - from 0.890 to 1.320 over the period 4 - 23 Mar 09, and from 0.804 to 1.350 over the period 4 - 12 Jun 09.

Regards,
Bones