Since we are finally seeing some consistent price movements on high volume, it might be a good time to perform a brief TA on the ECU stock chart.

After establishing an intra day 3-year low in mid March at $0.43, the share price has since increased 100% in 11 weeks to close today at $0.86. The early morning test of $0.90 was met with heavy selling that coincides with the resistance level established in late January and throughout February at the same level. The new 11-week uptrend channel also appears to indicate resistance at this level in addition to the stubborn 200 dma hovering just above at $0.92.

If the share price does breakthrough this level in the next few days, I would not be surprised to see a relatively quick move to $1.30 after a brief retest of $0.90 given the technical significance at the current price level.

The price appreciation over the past 11 weeks on much heavier volume is the most impressive part of this recent run and suggests that this move is for real.