Hi all,If you've been following a stock for a long time...

Hi all,

If you've been following a stock for a long time sometimes it's good to try and take a fresh look, and a trick a lot of chartists use is to flip the chart upside down. Your brain has to make some new adjustments and sometimes during this process a few things might jump out and emphasise or confirm your read of the chart, or maybe put things in to a clearer perspective. So I'm sure there would have been a few chuckles on this thread about a week ago when someone rubbishing charting said it makes no difference if your chart was upside down, because that's exactly why many do this from time to time. Because it's er- the opposite.

So for a weekend brain-teaser here's some commentary on the inverted weekly and daily charts, and the momentum oscillator is also inverted for those who look for divergences etc. Just read everything about price the opposite- bullish is bearish, resistance is support, down-trend is up-trend- up is down.

The weekly made a strong move to the upside on falling but historically average volume. The longer term Volume Profile shows a thick beer belly of trading between about $1.285 and $1.805 , but this is all centered around a distinct Volume Shelf between $1.485 and $1.61. This is the highest traded level over the history of LTR, so it's not that surprising that after a massive price jump 4 weeks ago that it would encounter some resistance at this level. Maybe a good point to take profits for some- the Daily shows this more clearly. Price has broken through a significant long term down trend line and while the momentum indicators are in an extremely "over-bought" condition, we all know that can sometimes last a while.

So when, at what level and how strong will the inevitable pull back be? Before price can go down, first price has to stop going up. Next week will be interesting.



The Daily chart shows price driving up into the Volume Shelf where there was few days of profit taking and a short, shallow pullback. Then it quickly turned around in to a few days of bullish absorption, where price ground its way up with increasing volume, narrow spread bars. There was a clearly a lot of supply at this level but the bulls were winning the arm wrestle until finally on Friday price broke up through the $1.55 local high with a strong high volume move. Price looks due for a pullback but the strength of the move up suggests we could see an attempt at higher levels before the retracement comes. The next zone of resistance is the old "egg zone" from months ago between $1.425 and $1.285, and like I said before next week will be interesting.

I hope that was suitably confusing for everyone!