Could be an interesting week..30 Nov 2020 17:47
Nice price action today, they tried to take it down early on, but it stayed strong all day, with the bid creeping up from 5.86p to 6p, 6.10p, 6.16p and finishing at 6.22p. It also closed on the high of the day, with decent buying all afternoon.
We are currently trading above all the major moving averages, with all main indicators looking healthy. Today it closed at the highest close since September 18th, and looks to be breaking out of a pennant formation it's been forming since the main move upwards (flagpole) on the 18th Nov. The measured move from this breakout could see it go to around 7.67p. It also is heading towards the top of a bull flag it's also been in since that move up on Nov 18th and is back above the trendline drawn from the March and May lows that held it briefly mid October, before it dipped to the lows.
Next major targets:
7.45p - 23.6% retracement of the pull-back from the highs to the 4.65p lows. Also the site of support/resistance in July-Sept.
7.67p - the measured move from the pennant
8.10p - the measured move from the bullish flag breakout, the top of the rising channel going back to Nov 2019 and the support/resistance in July and August.
9.22p - the 38% retracement of the drop from the highs, also the area of support/resistance in June/July and back in 2018
10.68p - the 50% retracement, the spike high in July and another trendline going back to October 2019.
All in all, a very, very positive technical setup, coupled with a lot of movement going on in the background with JetZero, Govt funding plans, US Green plans etc. It could be a very good end to the year here, hold for gold as they say.
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