TA Charting Thread, page-24

Couple of daily charts for today to illustrate what that action was potentially all about, and also the support levels.

Firstly if 5 cents broke, it was always going to go back and test that 4.7 level. That used to be the old resistance area, which appears today that we have confirmation that is now in fact the new support area.

Today's action was a classic shake out trying to hit stop losses from what i could see, as soon as hit that support of 4.7 it quickly whipsawed back above 5 cents with bids coming in thick and fast. To me it looked like a very organised ( computerised ) shake and then soak whatever they could 5 cents and below.

Interesting they only managed to pick up 1 million shares below 4.9. Pretty much next to no selling down there. Then it spent the day soaking everything at 4.9/5 cents for a total of 10 million units and held above that 4.8 area pretty much for the rest of the day.

Bouncing off the 61.8 fib.



Bouncing off that old resistance area, with fairly good strength.



Will be interesting to see if they try that on again tomorrow or we get a news event, which i suspect maybe the case, these type of shake outs tend to precede a news event.

A close above 5.2 would be confirmation the uptrend is still in play, which should see us make a move towards 6 cents and above

All my opinion, happy to hear others as that was the first real shake out we have seen since the huge volume spike back on the 15th of Jan when multiple "pump and dump" comments were thrown around the traps.

Tagging you in here @rick64

Cheers all