I agree seems i may have spoken too soon. Obviously the exact areas are subjective, i.e. do we use the wicks or bodies for our lines, but either way the consolidation is there and they say the trend is your friend, always bet on a continuation after consolidation especially if other indicators are agreeing. I think of it like a card game, My personally summary of cards stacked in our favor are:
Fib Levels - Though it did drop towards the .015 low area by definition areas are not hard marked until a close of the interval you're looking at, I was looking at weekly and daily - it seems that at this level our .382 has been obeyed - we have had a few daily candles and ultimately a weekly candle hover at this level which is around .0175-.018.
Prior Support and psych level - .018 seems to have served in fairly recent levels and going further back and it is also psychologically pleasing level - people many times revert to psych level when placing orders and institutions sometimes hover at round areas too
Bullish symmetrical/sideways triangle - we have a nice and seemingly shortlived triangle which points to the next breakout and runup in my opinion towards .035, we can look deeper if we check out fib extensions to project based on our .382 pull back. I think the projections for a shallow pullback are the reciprocal multiplied by the pullback amount, so 1/.382 = 2.61 which is the factor or another way to look is 261%, this actually falls close to the .035 level i got by adding the prior runup to our pullback, i.e. .017 range to .0185 = .035. if we take our pullback to .018 (if we assume this psych level to be close, its not an exact science), then we have .024-.018 = .006. we then apply the factor of 2.61 by multiplying and get .01566, then add this to the pullback of .018-.0185, we get .0335 to .0316, these are close enough to have a range of .03-.035 as the target.
Oscillators - both daily and weekly oscillators have been oversold and I think daily has crossed but it's only the beginning, we are not even neutral yet on the weekly I think.
Window area - if you look at our prior retracement the thing that instilled my initial confidence was the gap that served as support and it was the bottom of the weekly gap that held so we have no more gap levels to break through, gaps serve as very solid supports.
financials - this all comes with a positive net income providing a catalyst so fundamentals are in line with our technicals and I'm not worried this is a speculative pop but the continuation of a solid trend.
Industry - we at the forefront of what I feel will be a large industry demanding the printing and other services of this company and it's a ver flexible company that's not afraid to partner up and probably being eyed for possible future mergers/acquisitions.
I may be missing some things but I'm involved with a few reverse mergers but those shells are hard to judge, this is the only one not an RM candidate or at least nothing announced and it happens to be the one i'm most confident in, this one and ELTP...
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