The trading today shows sellers at the .85 to .86 area. This also relates to resistance in the same location for the past four sessions. The sell orders in this area are possibly just day traders trying to squeeze a nickel or so for their day's work. 

Actually, there is a nice little right ascending triangle that's been building for the last 7 trading days. In most probability, the shares will push through the .85 to .86 area in a matter of days. These chart formations usually put energy into an issue to move higher but at times fail. I can't imagine the shares selling off from their recently established ascending trendline at .78 as the PP price is right below at .75. but things do happen as we all know.

These formations do have their forecasting values. The left side of this particular triangle was formed as a result of a sell-off in the shares from the .85 level or so all the way down to .72. A few days following the shares advanced to the .86 level. and then back down to the PP price level then up some, then back a little and then to .86 earlier today and now back again.

The triangle can be drawn by connecting the two highs at .86, connecting the rising lows(.74, .75,  and .76 over a two day period)and drawing a perpendicular line lower from the top line at .86 until it almost intersects another earlier low in this formation at .71 to line up with the established ascending line that was created by connecting the .74, .75 and .76 points. I have subjectively called this point .71.

The sad thing about interpretating market behavior is that sometimes the chart analysis dictates that you must fall out of love with something that you have favored for a period of time. In this case, everything continues to look positve. An excellent example of this point is the U.S. dollar and of course the opposite would be the Canadian dollar which I have loved since it was lower for some time.

Studying and analyzing is subjective and is a case in determining probabilities. In weighing the potential to a stock's share price fundamentals are quite important and at times can completely overshadow chart probabilities. Do your own homework and be independent with your decisions based on as much knowledge as you can expose yourself to.

The above is provided for information purposes only. I am a shareholder of Probe Mines.

Interestingly, there are some daily moving average that have flattened out and that are beginning to rise which is usually bullish. These averages are in the vicinity of the .79 to .80 zone. So for shorting day traders at the .85 to .86 area this is where they are looking to cover.

This is a an interpretation from a basic book on technicasl analysis of stock trends.