February 27, 2012 01:01 pm
very nice day holding and building the .13 (new support), PLI is now over the previous bearish trend line and now in a new bullish pattern, actually 2 bullish patterns are in formation :) The "cup & handle" & "the ascending triangle"
IMO based only on T/A now that we hit that 1st target of .14 (see chart below) this will go straight up in the next couple trading sessions only stalling at .17 (the ascending triangle pattern) 'OR' there could be a test of the new support early week, then go through .14 on the 2nd attempt until it hits .17 minimum (the cup & handle pattern). Either way I see .17 as our next target
After .17 I don't see anything holding this back until .24.
If both patterns fail (not likely with 2 patterns and ALL the technical indicators MACD, SSTO, RSI, EMA, ADX all backing up the patterns), nonetheless the worst case scenario would put it at .11 (huge support), however, as that huge supports moves up the risk:reward ratio increases to our favour.
This is just my interpretation of the technical indicators and what I see in the chart, which may or may not agree with someone else's interpretation.
BTW T/A does not take pending news (good or bad into account) but it can give you a warning of an event that is about to happen.
| Type || Value || Conf. |
| resist. || 0.17 || 6 |
| resist. || 0.15 || 8 |
| resist. || 0.14 || 24 |
| resist. || 0.14 || 4 |
| resist. || 0.14 || 2 |
| supp || 0.13 || 26 |
| supp || 0.12 || 12 |
| supp || 0.12 || 3 |
| supp || 0.11 || 50 |