Ann: Half Yearly Report and Accounts , page-13

Two line chart analysis?

I've never learned technical analysis so you won't get me talking too much about charts, but having been in the market for about 16 years I do use charts to some extent to check for trends and potential breakouts.

When SHV traded in a tight band around $3 at the start of Feb after having dropped as low as $2.30 I figured the narrow range was indicating a break out and my fundamental research (some of which I've shared on here) plus the new low was pointing to an upwards break.

I will admit I was suprised at the strength of the break, 25% in less than two months. But my research in early February 09 suggests that SHV could easily hit upwards of $6 within two years. The half year results have confirmed my research to some extent and has reassured me that this is achievable. $6 is my lowball price target.

My highball target is $10 upwards within 2 to 5 years, however this is harder to judge as there are a few too many variables to predict with any accuracy, eg drought, expansion, general market conditions, market conditions specific to SHV, dividend payout ratio, interest rates, other external factors such as TIM's holdings in SHV, etc.