madmacs - finally got some. very solid prospect. Hi...

madmacs - finally got some. very solid prospect. Hi madmacs,

Charting indicated to me that 79-80c would be a strong resistance level. I sold some at 79 and some at 80c.

Stocks is up from lows of 68c so it has had a good run...and would need some very stong news to push it through 79-80c without a consolidation first.

That said, SMY has clearly broken its downward trend and has begun a new upward trend.

My prediction is that SMY will continue this upward trend for some time yet however, it will see saw...so over the next few days I anticipate a range between 75c and 82c.

Sp momentum possibly held back today by a pullback in Ni price overnight on the LME.

A breakout above 82c will require some positive news which may come in the form of an announcement regarding WMC assets which SMY are very keen to acquire...though of course this is a competitive bid so fingers crossed !!!