positioned for a big breakout, page-34

Happydayz

I agree with your post. Today was a good day to get set into a short to medium term position for SSN.

I have a chart below which shows the clear breakout today of decending triangle. Although the move was encouraging, it was on relatively low volume and so may not hold. Next level of strong resistance is 3cents. This is also backed up by the weak buy depth at the 2.8 and2.9 level. Any move to break this next level needs to see the sp close above 3 cents and on much bigger volume. Not sure if it can be broken without a significant announcement and one isn't expected for another week or so. But this is the trading world so you just never know.

I also posted this basic timeframe on the "news next week" thread.

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Nothing of major significance due to be announced next week. Please correct me if I'm wrong.

Today SSN announced that the workover rig for GC#2 well is expected to arrive on site today. This rig then needs to be set up. 4 Zones are expected to be perforated (fracture stimulated) and then flow tested. This could take at least a couple of weeks. SSN hold a 35% interest in this well.

Ripsaw is expected to spud 15th - 18th March. That's when the drill hits the dirt. Then they need to drill, and flow test. This can take several weeks.

Gene1-22H is due to be fracture stimulated mid to late March, but I think if you check with the company you will be told "late" March. Fracturing and flow testing takes time.

So in a nutshell SSN will have some heavy activity towards the end of the month and into April.

Many Day Trader's have got on board today but I think SSN is more likely to be a short to medium term trade. Any t+3ers that bought into the chart breakout pattern maybe disappointed. Today was more about getting on board and into a good position to hold over time.

cheers
Ange