The hourly chart is still showing a gap in $.05 - $.052 range. Based on today’s close, I suspect tomorrow will open with a gap down to fill the void, then climb out rather quickly.
One thing I noticed about today’s close was that there were plenty of buyers stepping in and taking advantage of the low $.05’s. That leads me to believe that a gap down will entice even more buyers tomorrow. If anything, I’ll be buying anything and everything under $.05 if it goes that low!
A few things to keep in mind as we move into next week:
1) This week’s selling is likely attributed to profit takers who bought in around $.03 earlier this month. At current prices, they’re still making a hefty profit - even in the low $.05’s. As these shares switch hands, we’ll see a much stronger base form at this level.
2) Consolidation around this level is critical, primarily for the purpose of building enough momentum for the next move up.
For example, after running up almost 100% from the low-$.03’s, we ran out of steam this week and weren’t able to maintain a breakout above $.06. As we consolidate around $.05, maintaining a breakout about $.06 will be much easier.
3) Finally, and perhaps the most important thing to take away from this week’s trading, is that we are mirroring almost exactly last November’s run to $.10.
Last November, we ran from the low $.03’s to the mid-$.06’s, consolidated around the low-$.05’s, and then shot up to $.10 in just three sessions.
At the very least, I expect this pattern to repeat itself. When you consider the recent shift in investor sentiment, however, I expect to surpass $.10 and reach new highs.
With all that being said, Canbiola looks to be trading healthily and happily! The next week or two will be very exciting to watch!
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