After spending three + months on the watchlist, I’ve done my share of writing on this setup, so I’ll try to sum it up briefly. October through mid November this rallied at a very steady pace and made some nice gains, then went into a month long consolidation pattern. The action finally broke through, unfortunately it was to the downside, but the sellers never really took over and the price ended up bouncing at .015. When I posted the update for this last weekend, the price had just gapped up and plowed into the overhead 50 MA on heavy volume. I felt like that was a good sign of a bottom being put in, but didn’t really see an ideal entry setup at that point (assuming you weren’t still holding like I was/am). Now that this last week has played out, we’re starting to see a potential entry trigger materializing. The keys to an ideal entry are an overall bullish chart, short term consolidation, and finally some obvious and relevant resistance. We now have all three of those, and the resistance I’m looking at has multiple aspects working for it. First off we have the top of this week long consolidation range sitting at .026, which matches up with the 50 MA, which also matches up with some horizontal resistance in that range (horizontal line was prior support during the recent consolidation period). All three of those make up for a pretty critical bit of resistance, and top it off with the descending trendline which is hovering just above that. The longer the price holds up here and continues to consolidate, the lower that trendline gets, and it won’t be too long before it’s also right at .026. So that’s the setup in a nutshell, and the specific trigger I’m looking for now is a convincing break of .026, ideally after a bit more basing here.
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