Today CTO closed at 8.2 cents.Having a look at a weekly and...

Today CTO closed at 8.2 cents.

Having a look at a weekly and daily chart of CTO for the last year it looks very much to me that CTO has formed a head and shoulders chart pattern. The February 8 cents low of this year looks critical. Technically imo it MUST hold otherwise there could be some sharp follow through selling down.

Having a look at a 10 years chart I see that apart from February this year, CTO last traded as low as 8 cents in December 2002.

I also see that CTO had a low of 4.2 cents back in July 2001, after spiking to 13 cents in October 2000. Compared to today's 8.2 cents close, that 13 cents looks a very good price. Today gold is over US$1200 and not around US$250 to US$300 like it was early this century when CTO traded at 13 cents.