Chart tech analysis 3/4/17: With everyone screami
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Posted On: 03/05/2017 8:48:02 PM
Chart tech analysis 3/4/17:
With everyone screaming reversal, the double doji (not a common signal) we printed on 3/3-3/4 confirms a clear time proven trend reversal. Bulls and bears are at a state of indecision and Fridays second doji star indicates Mondays market should see a green candle. We should expect a daily price increase and that level resistance will be the focus for the next few days. Resistance levels are set at .0403, .0462, and .0513 respectively. The 50SMA has made a reversal as well and is forming an upward curve. Bollinger bands are tightening and the trend line at .0352 is due for an increase. We are currently in oversold area with this past weeks short and penny flippers becoming afraid to deviate to far from the resistance levels. Double doji has historically indicated explosive moves and in the stocks current position every indicator screams uptrend!
Opinions:
With the recent uplist, positive PR's, and chart information I would expect to see this weeks stock price test the 3 resistance levels and continue its uptrend. Where it finishes the week would be purely speculation but breaking the resistance levels would build investor confidence and it would not surprise me to see the week end near the .05 price.
These are my humble opinions, do with them what you please.
Tim
With everyone screaming reversal, the double doji (not a common signal) we printed on 3/3-3/4 confirms a clear time proven trend reversal. Bulls and bears are at a state of indecision and Fridays second doji star indicates Mondays market should see a green candle. We should expect a daily price increase and that level resistance will be the focus for the next few days. Resistance levels are set at .0403, .0462, and .0513 respectively. The 50SMA has made a reversal as well and is forming an upward curve. Bollinger bands are tightening and the trend line at .0352 is due for an increase. We are currently in oversold area with this past weeks short and penny flippers becoming afraid to deviate to far from the resistance levels. Double doji has historically indicated explosive moves and in the stocks current position every indicator screams uptrend!
Opinions:
With the recent uplist, positive PR's, and chart information I would expect to see this weeks stock price test the 3 resistance levels and continue its uptrend. Where it finishes the week would be purely speculation but breaking the resistance levels would build investor confidence and it would not surprise me to see the week end near the .05 price.
These are my humble opinions, do with them what you please.
Tim
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