kept down, page-7

In deciding to hold my position I have been trying to avoid speculating on any unsubstantiated information like that which drove AGY last time & instead have tried to stick with the chart & price movement and the known facts.

We know all about Burundi & what it will be worth when AGY gets it back and my understanding on Zambia was that there was more than one project being considered there.
Maybe one of those is hard going who knows, but the apparent expectations of the market as expressed by the recent share price action is that things are going ok.
Weather that means that Burund is close to a resolution or a deal is close in Zambia or both I don’t know, what is apparent is that the majority of the buyers of the last 6 weeks believe it to be so.
Close is relative though & could be another 2 weeks or 2 months.

So far the sp seems to be conforming to the expectations I have as it continues building into the current pattern.
The last 5 weeks have seen the stock consolidating in the $0.65 to $0.80 range with the occasional spike above that.
It is also being, or appears to be being actively held down around the $0.80 level while being well supported at the lower levels.
The $0.80 level is clearly the resistance and is seen quite easily on any of the charts.
The persistent selling around $0.80 seems to indicate to me that “they” are not yet ready to let go of the reins but at the same time the support would indicate that “they” don’t want the sp to fall too low.
(One must remember that the mysterious “they” are behind all price moves in all stocks )
Or maybe I am just being too paranoid.

The sp initially tested $0.80 on the 21 Nov. before falling back. Since then it has retested that level 3 times but each retest resulted in a minor retest at least 3 times over a few days before giving up.
Eg. on the 26, 27 & 28 Nov it hit $0.80 or higher each day before falling back to around $0.67.
It tried again on the 3, 4th & 5th Dec and most recently on 12th, 13, 14 & 17th Dec.
Each low has been slightly higher than the previous one.
If this pattern is to continue then I would expect the next low to be around $0.68. $0.65 is the floor for this pattern.

A break down of the current consolidation & pull back to around $0.55 or $0.60 would be a reversal to the 50% & 61% levels of the last 6 weeks.
It is now obvious that nothing is going to happen before xmas so I would expect some selling, it remains to be seen weather the current trend will remain intact and the support will continue in the current range.
Any selling down below the support at this time, unless its very large volume would not mean much and probably would be just cautious traders biding their time before the eventual resolution of Burundi & a positive outcome for the Zambia project.

The chart pattern remains bullish so despite my disappointment that we are not going to get any announcement before xmas I see no reason to sell at this stage. The burundi project alone is woth waiting for imo.

Good luck