Here is another copper stock although it is much less attractive situation than was mentioned in my previous post.
This one is tiny, not very liquid which is a huge disadvantage and at the moment does not show a very attractive risk / reward in my opinion. But the reason I am showing it is for the simple reason that it in 2003 it did show a very attractive set up as shown by the green arrow in the chart…
That was a very attractive set up at that time and I do remember looking at CTQ and studying its overall pattern. The reason why it was such an attractive setup was because of its long flat base which was notable about 5 years long. If you ever see a security with a long FLAT base of that duration it is always a good potential situation for the future.. it may take many years to develop into anything but is still a good situation to keep an eye on. The long basing period is a great area of cause in price and provides ‘support’ for an extended move. This situation currenly is also present in the long term price of silver. Long bases are a good thing. Although they do not appear to be too exciting they are worth watching just like those cheetahs watch their prey in the African desert.
But again, CTQ currently shows no major attractive set up. The real story was when it was at 1.00 back in 2003. But even then, probably not worth giving too much credit to because of the horrible liquidity. Indeed, non liquid stocks can be the worst types of securities. I am pointing out CTQ though because it is a good example of a long term basing stock which grows into a persistent uptrend.
The current price action shows that it has likely done a ‘shakeout’ and will try to climb back into its trading range. If it is able to accomplish this, then it implies that it will try to take out the 3.90 area.
This one is probably only worth considering if it is able to clear 4.00 with BIG VOLUME and volume sustains itself.. otherwise not worth it.
Peace. Im out.
tc