SP is encountering resistance in the 0.50 - 0.54 range. That's absorbing the profit takers. Daily volumes are in the 200-400K range. That's Low.
On the weekly charts this weeks Hi-Lo so far is -0.45-0.51 while the 10WMA is on 0.42 so this week hi-low will trade entirely above the 10WMA, which is a bullish sign. That's the 4th week since the initial bullish sign.
So I am optimistic for the coming weeks. A breakout through the resistance zone will set a few targets. This breakout will be accompanied by sharp upward movement and good volume.
My short term targets are either 0.63 or 0.675. Before another pullback.
Just my opinion DYOR.
good luck folks.
cheers Lies
IPD Price at posting:
48.3¢ Sentiment: Buy Disclosure: Held
