Wrighty,, When a SP hits a round number 10c, 20c, etc etc, you'll find some natural resistance if in an uptrend,, or support if in a downtrend. Main reason being, psychologically people choose round numbers as targets... A bit like "I want to lose 10kg by Easter" Why Easter?,,, just a convenient and nominal target.
The other issue with congestion around the 10c mark is that the buy sell spread all of a sudden becomes 0.5c instead of 0.1c... It can be a slight psychological barrier. When thinking if I buy and want (have) to sell again , I've blown 5% straight away... or I have to make a big leap to buy at 5% above the other buys.
On the other hand, should the trend continue,, (or even have a weekly close above 10c) the outlook for the SP is pretty bullish.
If the POS consolidates around the 27.95 - 28.30 for a few days (or another decent ann pops), the SP is likely to hold and consolidate around the low teens for the next move up... here's to hoping anyway!
