possible head and shoulders top forming ?, page-15

These are the facts:-

1. Surprise east delayed 2 months at least
2. Company stated "Encouraged" on Mt Kitty Drill Report
3. Incident - Rig Fell Over on Mt Kitty cause delay.
4. Mt Kitty Gas flow appears "light" sub 1m CFD on ASX Report released.
5. Gas Makeup at Mt Kitty unconfirmed


As for the chart, yes, it is more an art than a science. Chart patterns generally map buying and selling behavior over Days and weeks, months etc... these patterns and outcomes of patterns tend to replicate across different stocks at different times... but of all the patterns I have seen a H&S top (even something looking like a H & S top) needs to be factored into your though process and timing your entry and exit. Personally I would not enter this stock until I know the outcome of this pattern.

So ...I have exited the last of my position in CTP this morning based on concerns above and about the short term outlook for the next 4-6 weeks (ie, lack of news and the likely "ordinary" outcome for Mt Kitty). The risk I face is the company announces a revised gas flow figure or increased prospective resource for MT kitty which is better than expected and the stock races up in which case I'll miss out ... Or on the other hand it may not and continue to fall back to 35-40c region. Personally based on the evidence I 'm seeing I think the latter will occur hence my exit. I still like the story & Mgmt of CTP and may re-enter prior to the spud of Surprise East in 6/8 weeks if the share price drops from here substantially as I expect it to now... So I'll fence sit and watch proceedings from here.




All the above is IMHO please do you own research to confirm.

I wish all those still holding the best of luck with your investment.