The original breakout candle on the 16th June wasn’t followed through with a continued expansion of volume pushing above the 112p point of control, but the volume wained allowing block selling to retest the breakout shelf.
As the chart shows we have had a response to this 95p area 3 times now. What we want to see is some volume follow through at above average levels (say >1.3m traded shares) and this pushing through to 112p+
At this level I think we will see a relatively rapid rise as the auto-trades will stop and reverse, there is a very very low float and if you scale the chart back we are in an overall set-up from a falling wedge which should push back beyond the recent high around 180p, completing the extension of that move somewhere hopefully around the 161.8% fib - 261.8% fig areas - so target price for me is the 274p-471p area (3 month hold).
As the chart shows we have had a response to this 95p area 3 times now. What we want to see is some volume follow through at above average levels (say >1.3m traded shares) and this pushing through to 112p+
At this level I think we will see a relatively rapid rise as the auto-trades will stop and reverse, there is a very very low float and if you scale the chart back we are in an overall set-up from a falling wedge which should push back beyond the recent high around 180p, completing the extension of that move somewhere hopefully around the 161.8% fib - 261.8% fig areas - so target price for me is the 274p-471p area (3 month hold).