This thread is purely for TA and chart analysis, trolls need not post.
Last week the flag/pennant formation on the daily chart had a target of 1.5-1.7c. We saw that target hit on Wednesday and then overshot it to the 2.5c high.
What we are seeing now is the retrace to the 1.5c level (plus/minus a pip or two) to consolidate ahead of a further run (assuming news). What is likely to form is a new flag or a cup-like pattern.
What we are unlikely to see is a return to sub 1c levels. The FA doesn't warrant this.
The level heads have already established that this isn't a pump and dump, so let's not discuss this further. What it is is a re-rate on significant volume and then an expected re-trace to consolidate.
I will add to this thread as the days pass to re-evaluate the trend and any new TA features.
LWP Price at posting:
1.4¢ Sentiment: Buy Disclosure: Held
