Chart update

STB's chart is looking good.

An Inverse Head and Shoulders formation - a classic reversal formation, and this one was two years in the making - was confirmed last month.

Volume has picked up markedly since the base of the 'head' was formed (the 15c low). This adds a lot of credibility to the Inverse H&S formation.

We've since had a pretty neat re-test of the neckline, and it held well (was a great buying opportunity imo). The re-test was accompanied by a bullish reversal week.

The Inverse H&S follows on the heels of January's bullish breakout from a four year downtrend channel (all the way down from the $5.78 peak in 2011).

To me STB looks set for the next leg upwards.

Note: this analysis is based on a logarithmic chart.