Someone ALWAYS requests SBL on the weekend charting thread. I can't always have a look at what everyone requests, but because this one has quite a few followers it probably deserves a look at the charts in some detail. I think it was Mr Mickles (?) that asked for some charts this week, so this one's for you.
First a look at the indicators and while they are fairly overcooked, the MACD made an all important break through recently. Furthermore the money flow and stochastics are turning back up. I must stress the point I make about the money flow on the chart. It needs to break up higher than the 80 mark otherwise it can lead to weakness once this rally comes to a head.
So what does this all mean for next week? Well pretty much my short term target of 5cents still stands if the market wants to carry it higher. There is also an interim target of 4.6cents if the green range repeats again. The stock made a good breakthrough of resistance with the move up on Friday, so this could become support??
Overall, it looks good for some upwards movement to begin next week if Friday's action was anything to go by. After that, well SBL is probably due for a bit of a consolidation, but it's good to see that the stock has broken up into a considerable uptrend since September. For what it's worth I like the fundamentals. Cheap goldie, production beginning soon if I'm not mistaken.
Looks good for the future!
Regards, 5hareholders.
PS. Just as a side note, I know this is a frequently requested stock, but unfortunately I can't chart SBL every week because other people make requests for other stocks. That said I'll try to post an updated chart every so often for you all to have a look at.
SBL Price at posting:
3.9¢ Sentiment: Buy Disclosure: Not Held
