peel mining charts

Ok, as promised here is a chart on the recent PEX action, for comparison i have included SIR below as well, both have very similar patterns.

Symetrical triangle, setting low point at 16, mid at 26 and peak at 36. This is a range of 20c.

This sets a target price of 56c (20c from the peak. Intermediate targets; 46c (mid), 36 (lower)

The purple lines indicate the overall trend the pattern is leading into, the yellow indicate another trend that is present.

If the breakout continues we could expect to breach the first target tomorrow.

NB: the intersects for 26 and 15/16 i have indicated are off slightly, owing to the fact that the pattern is not 100% perfect, but close enough.

Anyway enough chat, here is the chart:

And SIR for comparison:

Trendlines shown are set by pattern (yellow):

SIR Chart posts:

http://hotcopper.com.au/post_single.asp?fid=1&tid=1804203&msgid=10492255

http://hotcopper.com.au/post_single.asp?fid=1&tid=1804203&msgid=10525720

Cheers Guys.