In November we exceeded the toppish resistance that had been prevailing for over a year. After this a new trading range has developed for the first quarter of this year. The bears were not able to fall back to the former tops and make a substantial correction of the rise since November. Thus the market seems to me to be supported by steadily renewing buying interest and may make another outbreak attempt soon.
Comment:
Sorry for this short term time frame. I had just been looking for the 15 minutes but the description of the idea belongs to the weekly chart.
Comment:
Please, pay attention that the chart does not reflect the stock split that has be made value 28th March at a parity of 1:2. In fact the price of the new stocks has barely changed since the close yesterday.
Trade closed: target reached
Comment:
The development after the split can be better seen here:
We have reached a weekly Fibonacci resistance. That's why I am closing the fine deal remaining bullish for this stock.