RE: MyrtleMan15 Oct 2021 14:08
Hey TD.. :-)
That worked out alright so far, didn't it? 6.40p trading (6.42p in fact), like I suggested it might get to after breaking out of that rising wedge. We're up around 23% if you jumped in last Friday when I posted first..
We are still working our way nicely higher up the channel it has been in on the hourly chart since the end of October, pulling away from some of the key support/resistance lines and moving average obstructions. We are currently trading at near six-month highs and the weekly/monthly candles are looking incredibly bullish.
There is the 50Week MA at 6.46p, basically where the offer is right now, but if that is cleared, there really isn't much MA resistances above, bar the 200wk MA at 6.66P (an omen!) and all the shorter moving averages are climbing upwards below, with the 50day crossing the 100day, another positive. We are also after breaking above the 50month MA at 5.63, which was the cap for the spikes higher in June 2020 and Dec/Jan, another very bullish sign.
Old horizontal/trendline resistances to watch for now are at 6.92/7p and 7.32p and 7.50p. If we can get back to the 8.25p level, it would be incredibly positive, as it would retake the uptrend line from the Nov 2019 lows which held it in Apr-Jun 2020, Nov 2020 and March/April before it broke lower. That could clear a push back towards the 16p highs. GLA!