Ann: Encouraging Drill Results from Trenggalek Go, page-33

re: Ann: Encouraging Drill Results from Treng... During the sharp sell-off after the drilling results announcement, some speculated that ANZ may be selling. If so I guess they should have disclosed a change in their holding by now?

Perhaps more likely is that the market had got itself a bit long before the announcement ... everyone hoping for something spectacular, and hence the market was vulnerable to a sell-of ? as it was in weak hands.

However, as it's said "Once bitten, twice shy" ? I think the market is a bit scared now, and the buy side bits look a bit thin! But I reckon the market is better for it, and is slowly getting into strong hands. Hence, even if the next drilling results announcement is mediocre, the downside may be limited, and short lived. Conversely, if the announcement is good, the up move might have some follow through now that a lot of the week holders are out.

For resistance, the 5.1 cents is the 50% retracement of the sell-off from 6.5 - 3.7 cents
It's also the 50% retracement for the prior sell-off in February (from 5.6 ? 4.6). Also, during both these sell-offs a lot of business was transacted between 5 ? 5.2 cents; hence there is a lot of vested interest at this level. If the market can trade through this level, from my experience the chances of it taking out the high at 6.5 would be very high, and then the chances of it going a lot higher would also be better than average.

All in all my gut feeling is good.