weekend charting march 18-20, page-41

Hi Frank18,

I haven't seen a response to any of your requests yet, so here's my take on QHL, for what it's worth.

Price managed to break out of the body of the purple downwards sloping pitchfork on 24-25 Feb on good volume, but it was unable to escape the market sentiment on QHL which that pitchfork represents and it turned down again within a few days. Price has continued down the channel formed by the purple pitchfork's Upper Median Line Parallel (U-MLH) and the first Warning Line to the support level provided by the 3rd Warning Line of the longer-term navy pitchfork.

The run of higher lows on strong volume over the last three sessions has carried price to touch the 1st Warning Line of the purple pitchfork and the next trading session will show whether or not it has the momentum to penetrate that level of resistance and close above it. Eventually, price will try to return to the median line of the longer-term navy pitchfork, but I don't see any strong run in that direction just yet. More likely it will go through a period of regaining investor confidence.

I think it is likely that price will return to the 3rd Warning Line of the longer-term pitchfork to retest it as support before beginning any substantial movement up. It simply remains to be seen which of the two likely paths it will follow, above or below the purple line, as marked by the green arrows - i.e. route A or route B. I suspect it will be the latter. The answer should be pretty clear by close of trading next Monday (22 March).

Good luck.

Regards,
Bones