Unfortunate to see 'the wall' of sellers between 10.5 and 12.5 cents continue to grow.
The 2 cent spread now has 15m+ sellers, and you can safely assume it will take volume 5 to 10 times that to break through when considering traders and those waiting in the wings.
So what will it take to see mid to high teens? I would like to say big news is imminent but realistically past announcements point only to the pre production burn, due to commence 'early 2010'. A long shot would be funding, but all indications are that this will come much later in the piece, especially now the company is cashed up.
To me the opportunity is actually outside of CXY, being CNX's 5mw demonstration plant. Despite little fanfare this is still scheduled for December this year, and will without doubt provide a massive boost to the UCG sector as a whole.
This said the beauty (or never ending frustration) of CXY is its unpredictability, so it is just as likely to hit 20cents in two weeks based on nothing more than spring good will.
As always I will continue waiting with interest.
CXY Price at posting:
9.8¢ Sentiment: LT Buy Disclosure: Held
