The five minute chart you posted just shows me how smart some investors are, including yourself. The implements alone will soon make more money than Rhino did at its prime. You have any idea how many rental yards these products are going to be shipped to?
Glad to see you posting a chart with notes ...much better than lengthy paragraphs of ramblings. Not saying I agree or disagree with your analysis, but much better.
I guess I should not comment on the 5-minute chart! IT tends to move while I'm commenting on it. So, let's look at the 60-minute chart. Here we see a breakout of the bear channel but, close at hand is resistance from the Breakaway Gap accompanied by resistance from the 200 hour SMA. I view this rally as a normal price correction following the down move. That seems quite reasonable to me considering it is taking place on very low volume. But, this rally could change things somewhat. I believe the price will most likely fail to get through the gap. If the price should enter the Gap, there is resistance on the opposite side of the gap as well. One way or another the chart still looks bearish at the moment.
What can happen now? Well it's possible now for the market to enter into a trading range that could move sideways for several weeks OR it could continue the bear trend after failing to pass the gap resistance. If the gap is filled and the market turns around it would be possible for a retest of $0.0016 to fail as well but, it's way too early to try to call that.
It is extremely doubtful that this rally will last long enough to achieve new highs. It is most likely that the price will meet with strong resistance at the gap and will turn and continue back for a retest of $0.0016. That's my opinion. Here's the chart ...
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