I think there's so much supply in the 7c range, because there's quite a few reasons for a technical correction nearby:
1) There's a gap to fill 2) It's close to it's high last year 3) The 23.6% retracement fib is around 8c 4) The lower bound of the channel it was in until last year is near 8c
Any of those is reason enough for a technical correction.
I don't know what will happen, but if it should get over 8c, then I think it will take off like a rocket because so many traders will be out of position.
I haven't sold any of my holdings because I believe it will leap over 8c due to fundamentals, at some random time between now and testing commencing, whether or not it tries to fill the gap first. My timing is terrible, so I can guarantee that I'd screw it up if I tried to play this one.
That's a huge inverted head and shoulders, three years in the making, in my opinion. A back test of the breakout would be yet another reason for a possible technical correction.
NWE Price at posting:
6.8¢ Sentiment: Hold Disclosure: Held