As mentioned last week the weekly chart continues to improve. The weekly view shows the full context of where we have come from and where we are [likely] going - it really helps to zoom out sometimes. You can see below that last week we finished with a decisive break through what is essentially a bull flag on a longer timeframe. The MACD is a whisker away from producing a buy signal which should be achieved by the end of this week if things continue as they have been (i.e. sellers drying up and buyers moving in from the sidelines) - the weekly MACD is usually one of the last (slowest) indicators to turn (the final piece of the puzzle).
The Heikin Ashi (which is great at visually highlighting changes in the trend) is starting to show some long green bars which is what we expect to see in the next wave up - hopefully the last bar in this chart will have grown a little more by the end of the week - at which point we will expect to see a series of them over the next month or so as we move quickly upwards.
QPM Price at posting:
18.0¢ Sentiment: Buy Disclosure: Held
