Thought I would share somthing I've noticed forming on the Daily Chart.
I've mentioned in previous posts that 20c gap, which is frustrating because markets don't like gaps; case in point that 21.25c gap was eventually closed after going to 28c.
USL rode the hype of Silver prices moving when it was close to breaking $35 but this last move up from Silver and Gold hasn't seen the same confidence fly in other than that one buyer last Thursday for just under $500k.
Head and Shoulders formation coming out more clearly now and seems to be anything above 21c is "distribution" and below that is "accumulation" (blue box).
A close of that 20c gap would give a great launch pad for the next leg up to attempt to close that gap at 29.5c
That white box is the curent sideways channel where it could still breakout upwards from (dependant on Silver prices pushing higher) but seems more similar to that Left Shoulder area before it dipped down to 17c-19c and then went for a run to 28c; with now this white box channel forming the Right Shoulder area.
See how it plays out, charting isn't a prediction just a visual graphic of what's currently happening and has happened with an indication to where things are going; now with Silver and Global Macro's it's clear that it's in a pivotal moment of does it go up or breakdown and that will be down to Silver prices not the stock fundamentals itself.
Can see how USL has followed SIlver prices just looking at the two charts; including now with the Rises and Dips mirroring each other or more so USL mirroring Silver prices. More of a Double top on Silver than H&S but the Rise and Dips are still the same.
Most here don't care too much for these short term, day to day movements as there's a longer term outlook, it's a relatively quiet thread but for anyone who does care I thought I'd share this. The illiquidity of USL means it moves from 22.5c to 20c on just $100k worth of shares which isn't much but looks a lot on paper.
(20min delay)