FRR daily 18/06/13
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This type of penny share is extremely hard to analyse and even hard to get right due to the long periods of no price movement followed by huge spikes so I wouldn't read too much into this post (a request).
Clearly the short term trendline broke but a low formed near the 61.8% Fib (could be a permanent or temporary low) so I've drawn a new trendline there.
IMHO it needs to hold that low of 0.7p from a couple of days ago or it could easily go back to that gap at 0.45p or even lower.
For me, this type of share is either an investment on fundamentals or a gamble. Occasionally a decent looking chart develops. Spreads and slippage on stop losses can cause nightmares in these but if I'd bought the 61.8% Fib (I didn't), I'd have stops just below that 0.7p level. If it works out, where it goes from here is anyone's guess - I'd normally use EWT and S&Rs for targets but these shares are so unpredictable
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