Just about 2 weeks back, we spotted Penguin approaching the 0.55 resistance which it had traded below for more than a month..
There were some signs of bullishness and also the potential for this key obstacle to give way..
The trend was slowly firming up to the upside and buyers seems to be willing to push more after each consolidation..
Hence, some target were drawn with the first one to 0.65..
See what I mean..
Just last week indeed, we have seen the 0.55 level lifting off where it neared 0.600..
And some profit taking…
Was expecting some consolidation again before further upside..
Targets reiterated upwards with support at 0.55 now..
Potential for it to break the 0.60 to push higher… See what I mean..
Seems like we are indeed seeing more bullish price actions coming back today with 0.600 sellers cleared.
Trend indicators are still looking positive on this move where uptrend can still continue..
Target revise higher to 0.700 as seen below for the updated chart..
Will see how far it can push..
Likely to see some profit taking along the way, especially near 0.700 before some consolidation again…
Quite a good run so far over the past 2 weeks.. See where we are below now.
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