Yes, since it bottomed out at 67c last year, it's tried twice before to crack $1.40 in February 09. It's suceeded this time. There is a 23.6% Fib retracement resistance level at $1.45.
The thing is, TRY is a tightly-held, lightly traded share. IMO, technical analysis breaks down in such circumstances, other than to give broad overall indicators. For example, as I type, there is a 2c bid($1.43) to ask ($1.45) spread and the dollar value of all sell-side asks up to $1.48 represents about $41,000. By the same token, if a couple of at market sellers came in for $41,000, they could sell the price down to $1.40. So, a couple of relatively small buy/sell orders at market could tear all of your technical indicators to pieces.
At some time in the future, hopefully with the price much higher than today and with more general "frenzy" surrounding gold shares, generally, TRY could become much more liquid. Take out the 10.8m shares owned by John Jones' company and there are still over 65m shares which could become available, at the right price. It would have to be a very high price, however, as even 2008 spike up to an all-time high of $4.00 occurred over a month of sub-250,000 volume days.
When I see 5m TRY shares turning over each day for a week, then I might think seriously of exiting. What price would it take to convince holders to sell that many each day? I don't know, but I'm hoping it many times its current price. Obviously $4 wouldn't do it.
TRY Price at posting:
$1.39 Sentiment: Buy Disclosure: Held
