Not sure that it's the "big time" breakout just yet, but it is...

Not sure that it's the "big time" breakout just yet, but it is getting closer.
Consolidation today with 334k of the342k shares traded
going through at 29.5 or above. In the past a spike like we saw yesterday would've been followed by a sharp reversal. But it's now risky to try trading these- could be difficult to buy back in if one unloads the full holding.
In June last year Southern Cross Equities predicted BIT could get to $1.60 within 12 months and they even calculated an optimistic case valuation of $4.48. I don't know how they come up with these precise figures, but the chances of sp growth in 2007 are exceptional.
There are under 100 million shares on issue, so the first whiff of positive results from the human trials taking place early in 2007, will really produce the "bigtime breakout".
The company hopes to enter into a lucrative partnership deal with a multinational drug company and they've apparently delayed signing off on any deal until they undertake these human trials.
They're therefore showing plenty of confidence in their product and the punters who've bought up big in the past couple of days seem to share that confidence.
Incidentally, Southern Cross Equities did their calculations on the assumption that the lead compound had a 35% chance of succeeding in the clinical trials.