Now i dont pretend to be an expert or even amatuer chartist. But i will give my opinion and people can go from there.
Firstly it needs to break 1.2 cents, failure to do so just means its travelling along the same channel that it has done for past few months. I dont see any reversal, and indicators or anything suggesting this has changed trend unitl 1.2 cents is broken.
On breaking this 1.5 cents looks like next natural point of resistance but i personally feel 2.3 cents is the next point needed to be broken and 1.5 cents and 1.8 cents simply act as levels of support.
On breaking this 2.8 cents there seems to be small resistance point and a point i feel will become a massive volume oppurtunity for buyers and sellers and a point that will ultimately decide where this heads. Lets be positive and say buyers win, well then next targets are all in the 4 cent area. Roughly 4.3-4.7 cents.
Things to consider are more shares on issue. Quality of announcements. Timing of annoucnements.
My timeframes?
Well we need that first big announcement to get it rolling past 1.2 cents. Some follow up announcements in January with many iniatives might see this push past 2.3 and 2.8 and head to 4 cents.
Personally 4 cents may come towards end of 1st quarter as we get some idea as to what the new initiatives are doing profit wise.
Come end of June 2009 id like to have built support around 4 cents for few months before China developments take this to new level.
Now the downside is limited. Id say the low has been already reached at .007 cents 1 week ago.
Cheers.
SBN Price at posting:
0.6¢ Sentiment: LT Buy Disclosure: Held
