LBSR Fills the Gap and Closes down Hard Today
Wednesday 08th of September 2010 06:46:20 PM
LBSR today filled the gap just as I predicted yesterday and also traded down hard into the close creating a bearish piercing candlestick pattern into yesterdays up candle.
The forecast has not really changed since my last post. We filled the gap as expected and now are indicating price weakness again and should drift down to get some type of test of the crash low near .06 range.
The level that we stop at will be KEY in determining the future strength of LBSR. It will take some patience because volatility is dying down now and price is likely to drift around a bit as it tries to find its way to the lows again.
This is called a trading range and can be discouraging to those who are not prepared for it ahead of time.
Volume dried up significantly today and confirms my stance that the stock is moving into a trading range and a retest.
So far so good, patience is key now as the trading picture plays itself out. Penny stocks penny stocks has made some very accurate directional calls in LBSR since .03 cents. Admittedly we picked the top too early but we did catch the final top and the reaction low as well as the reaction up again.
Stay tuned for more LBSR coverage in the days ahead. LBSR continues to show itself as one of the most interesting penny stocks for 2010.
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