1. The original DB Basing Pattern was MAR '09 to JULY '09 at 0.003. 2. From July 12 '09, the WLY close has been at or above 0.004, and on much higher Volumes. [Like iron to a magnet, the SP returns to close WLY @0.004] 3. A Higher Low Base is being established at 0.004 and can be considered very bullish. [Many traders are specifically looking for and waiting for rallies from Higher Low Basing Patterns] 4. Price has crossed and is now respecting the 1.5 resistance level in the Down Trending Price Channel. [To completely Break Out from these Down Trending Price Channels, Stocks often creep sideways through the resistance lines] 5. Technically, 0.004 should now hold. 6. The Compression Triangle has been broken. 7. The Faster Moving Averages have crossed [yellow and Blue = Upside Compression Break Out] 8. The RED Dashed Down Trending Resistance Lines correspond to Horizontal Resistance at 0.006 and 0.007. [0.007 poses a far greater challenge than 0.005 or 0.006] 9. Overall, this Basing Pattern remains on track for an upside Break Out in the next week or so.
MCL Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held
