re: Ann: Second Central Delivery Point at W T...
Cant say I see a pennant. Ok if I twist my eyes enough I sort of can but charting is not about twisting ones eye.
A bad thing I see is a downward break of supporting trendline from 17/6/10. However, can also make out rough 5 wave up patter since 17/6 and while not an elliot wave fella can sort of see a 5 wave advance and potential to now be going thru an ABC corrective pattern which (can break a trend line) so could go lower but equally could easily terminate anytime now.
What seems most clear is a bullish wedge which if breaks .59 and sticks can see about .67 - need to see what transpires at that juncture to go further.
However, setting charting aside completly - looking at trading action there appears to be someone accumulating under that key .59 price level (probably coz they see the significance of letting it trade above .59 - wil see the wedge break upwards).
NO doubt if they come out with resource upgrades even tomorrow he will be happy enough coz has [robably accumulated enough - but longer it drags on the more he seems content to accumulate.
The key question is - can the wider markets hang in there long enough for upgrades to arrive. It is for me a difficult stock to chart. On an arithmetic scale chart it has very clearly broken its downtrend line (and can fall a bit further to retest it. Reality tho is - it broke the DT line (arithmetic) 9/7/10 and retested it 19/7/10 so no real need to restest unless someone is playing silly buggers.
However on a log scale chart it is banging its hea don the downtrend line - funny how cha\nging parameters makes such abig difference.
So for mine charting is difficult in this stock - setting charts aside - just looking at price action and trading activity - well y gut feeling is soomeone wants in and the longer the delay to resource upgrades the more tie he has to play.
Personally I suspect this stock is stuck between how you think the wider market will go and how soon they can get important announcements out.
I see the potential for a small rally in the wider market before a larger fall. Is always preferable to see a good announcement when the market is ready to rally (or rallying) rather than when it's falling.
An "intune" management can make good use of such circumstances for shareholders by getting a decent and supportable run when the market is looking for a run (by speeding up any due announcement) because as long as it is a half decent wider market rally and the stock specific rally has some fundamental substance behind it - then it tends to create a buffer against wider market fluctuations. Yeah if the wider market dips most stcks wll dip also but a management wgo gies half a stuff about shareholders can make the most of pending news to get the price higher so that the fall occurs fro a higher level rather than a low ball level - so maybe it falls back to todays price rather than a month agos price
But it takes a mangement who gives a stuff about the shareh price to make best us of such rallies and time things accordingly
My gut feel looking at the price action is someone knows something we dont and are accumulating a position or lsrger position
RFE Price at posting:
57.0¢ Sentiment: ST Buy Disclosure: Held
