Double bottom26 May 2019 23:12
On the 26th Apr and the 7th May the share price dropped to, and got strong support from the 12.5p (ish) level. This looks to be a clear double bottom. The second was obviously the placing retrace, which was vigorously bought into...including another top up from yours truly at 13.25p...bargain!
The middle peak between these two bottoms was c18p so the natural target comes in at 23.5p to complete the technical pattern.
That target is now reached according to the terminal on this site, although the sp according to the general data above is only 22p, which is a bit confusing considering its on the same site. TradingView and Investing dot com also have the close as 22p so not sure why the difference.
The high price paid on Friday looks to be 23.7p so you can pretty much say that the DB pattern is complete.
But, with momentum as it is, and the speed at which it has been achieved it looks like 30p is not far away. More good news on Tues and it will be difficult to buy below 25p first thing.
Its going to be an interesting start to this coming week...are the technical traders, or straggling placee flippers going to sell at this point as this incredible story develops and comes on to the radar of late newbie buyers.
Previous highs have now been breached so momentum is in charge at this time.
But I know one thing, if the sellers win the tug of war early this week then there will be plenty of topper uppers gladly jumping in for more...including moi!
See chart for double bottom and middle peak both in yellow. Note how I keep having to reset the rising trend angles in light blue, and haven`t even drawn the last one from 19p up to the current price.
ps. the green line is my happy average :-)
https://www.tradingview.com/x/okEIlUek/
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