I think it needs to break cleanly above 0.205 and then retrace to this level as support. The possibility of new support at 0.205 would need to be tested before it goes up anymore.Its been a common pattern with WEB the last couple of months.Everytime it makes and breaks a new high..it retraces to about the breakout level and then goes up some more.
The only issue from a tech point of view, is some tech ppl may look at this pattern now as a double top which means theres a better than even chance it'll retrace ( how low?? who knows). The previous high at 0.205 was back in March 2002 .
But whether or not it retraces and by how much, really depends on what happens at 0.205 the next few days.
The best example of a similar pattern I can think of is SMM. It made a double top ,retraced, broke thru a third time , tested new support and up she goes. That doesnt mean WEB will do the same tho.This is just my take on the patterns.
IMO
WEB Price at posting:
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