For those who give some credence to the black arts of reading...

For those who give some credence to the black arts of reading chicken entrails and other sources of charting...

It's good to see that today's price has broken upwards out of the ascending triangle that I referred to in its early stages in my post on 1 June. At that stage I believed that an upwards price breakout would occur no later than 15 June, but clearly I was a day out - sorry about that.

In the meantime, the price action has caused the shape of the ascending triangle to change a little from what I drew on 1 June to that shown in the chart below. In doing so, it actually extended the horizontal line (timeframe), allowing a further four trading sessions before the corner is reached.

I am still hoping that the breakout we have seen today will continue and deliver a price rise of around 50-60 cents in the short term to achieve the remaining two objectives:
- to close what's left after today of the previous gap in price from $3.40 - $3.55, and subsequently
- to return price to the median line of the currently dominant pitchfork, as marked on the chart.

The fact that it has closed today on its high is a very good sign. Fingers crossed (as usual).

Regards,
Bones