LIT ... Not surprised at her move last night. It was over-bought in the short-term. The question is "is this pullback going to be short-lived or a more substantial pullback or even, dare I say, the another lower high within the overall downtrend. Too soon to know but I'm with @PaddingtonBear (as stated in her Weekly Address) that "any weakness(in LIT) is another buy". This was backed up with her ACDC ETF chart.
PB, FYInterest, if you can 'super-impose' your breakout and Bottoming Pattern shown on your "Have you ever seen anything that looks better?" ACDC Chart on the LIT chart you could say it(LIT) has similar characteristics(in terms of boundaries). Look where Friday nt's close came in. Here is your LIT chart, together with my comparison charts, to illustrate more clearly what I mean. Your LIT chart didn't show the 31st of Oct low(1st low of ACDC's Double Bottom) equivalent.
Your channel on the ACDC ETF chart, shown below, verses my pattern on the LIT chart showing Bottoming dates. ACDC has broken out but LIT paused at downtrend channel line ... hence my "question" in my opening paragraph.
Having suggested that Channel comparison its THESE charts of LIT that I am more comfortable with. Hence, why I agreed with your "any weakness(in LIT) is another buy" statement.
LIT ... Not surprised at her move last night. It was over-bought...
Add XSO (ASX) to my watchlist
 (20min delay)
|
|||||
|
Last
3,123.0 |
Change
13.900(0.45%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 3,109.1 | 3,131.6 | 3,109.1 |
| XSO (ASX) Chart |