Thanks mitta.Not sure if many have noticed, but the sell depth...

Thanks mitta.

Not sure if many have noticed, but the sell depth is stacked with offers just above where the price closed tonight. Normally I wouldn't look much into market depth, but I believe that the majority of those offers are legitimate. Many will look to be trying to get out at those prices because that is where that long term trendline has acted as tough resistance in the past (see brad's chart).

It would be ideal if we can get a close or two above this resistance line (35c), because that would set up a lovely platform for a breakout on the weekly chart. Bare in mind that there is still the daily resistance at 36.5c. Two resistance points next too each other often takes a lot of volume to break through, but can result in very bullish movement if it does.

But I won't harp on about that too much until it happens - for now, price was up marginally higher today on quite low volume. This indicates the market 'waiting' for direction as neither buyers or sellers are committing to trades (i.e. low volume). Hard to predict what will happen tomorrow after a day like that, but the short term trend remains upwards while price stays above the 20EMA.