For what it’s worth I thought I’d add my 10 cents worth to this...

For what it’s worth I thought I’d add my 10 cents worth to this charting discussion.

LTR isn’t a stock I’ve traded previously as it has spent a lot of its life below $0.10 and I rarely trade stocks of such low value. Anyway, I’m always keen to see what the charts tell me about an unfamiliar stock.

Too many traders concentrate on daily charts and while they contain important information I always start with a big picture view on the weekly. In the chart below LTR appears to be rising on Elliott Wave 3 which, being the longest and strongest rising wave in a cycle, is a positive. Price has broken below a downtrend line (the solid black diagonal line) and made an uptrend (12 weekly higher bars) although it needs another trough to draw an uptrend line. Price looks to have been rising in a large channel (bounded by blue dashed lines). What I really like is that price has made three tries at breaking a resistance level at $0.135 (could be $0.14) and while it fell back a little Friday to make a Dragonfly Doji (you have to love their names!) which signifies a possible change in trend. LTR makes a lot of doji so I don’t know how much to read into that but previously dragonfly doji seem to have been followed by higher prices. The resistance break pattern suggests an interim target of $0.16 and subsequent target of $0.17. Time will tell.

Happy trading.