just starting a new thread here on something I have observed re WCN and similar valued micro-capped stocks in the past...
from 15th April 2024 to 26th September 2024 a total of 1 BILLION shares have traded on this counter - the range has been 1.3c ==>2.1c
Now whey is this important? It shows 2 things:
1. There is a brisk trading on this counter - normally "DEAD" stocks don't trade such volumes - they just die with no one ready to buy/sell them on most days, not so for WCN
2. This could just be traders making a decent 30-40% profit buying around 1.3-1.5c & dumping around 1.8-.19-2.0-2.1c - RINSE & REPEAT or or or this could be one of those times when a large portion of stocks have been MADE TO COME OUT OF DRAWERS of large/small holders by frustrating them. IF the latter then IF & WHEN this explodes, it will be a mega run.
So where do we see this mega run from and what will be the trigger?
This is the monthly chart of WCN where you can see (highlighted YELLOW) where we are now seeing the BEST MONTHLY candle (still 2 more trading sessions to go to close this month)
on a WEEKLY chart (see highlighted RED box) where 1.9-2.1c has been an absolute UNBEATABLE level since Jan 2024 - so a 9 month RESITANCE of great importance
so the task for the bulls is now laid out in the most simplistic terms - CLOSE THIS WEEK (today) at atleast 2c, that would be the HIGHEST WEEKLY CLOSE in 2024, and on Monday 30th September make sure we have a CLOSE ABOVE 2.1c so we have the TECHNICAL BREAKOUT on the monthly chart
Not an impossible task imo. Will it happen? This week? This month? 2 more sleeps now to see if it plays out or just a continuation of this painful sideways move.
Sorry to have started a new thread but would love if the discussion is kept on this and not hijacked with other WCN related talks...please do comment if you agree / disagree on my observation
(20min delay)