Agree too that a move above above the 12 month high will put the stock on more radars who filter for this key milestone.
Having said that I'm of the view that the recent breach of 11-12c area is also significant because this was the last major level where many transactions went through. Looking at the charts, not too many punters were caught on the wrong side of 12.5-15c over the last year. However there were a few who bought from 2nd half of 2009 to early this year around 11-12c who are only now back into the money after being on the wrong side for a while.
Whilst anything can happen in the markets there is now less of an excuse for holders to sell now as more and more people come into profit. The significant increase in volume over the last 2 months will continue to attract more people to this stock. And when the technical analysis is in sync with a good story / potential / fundamentals, etc. this can only be a good thing. I won't hesitate to drop this if the charts start chucking a wobbly but I quite like how this one is shaping up so far. Good luck and DYOR!
III Price at posting:
13.1¢ Sentiment: ST Buy Disclosure: Held
