second rig, page-5

There are some things to like about the chart now. For starters the last low was higher than the one before. Secondly in the last 2 days we have broken up out of the downtrending channel that we have been in since this years top....although I should add that it would have been more convincing with a bit more volume. Also price is now above both the 200 day amd 50 day emas.

We now once again find ourselves at that 16.5c resistance line. The last time it broke up from this line it did so with a gap and if we could do that this morning on volume then that would be super bullish given yesterdays news. There has been a big seller getting out (possibly for all the reasons that we have previously discussed) and this seller is now in a tussle with buyers who are getting in on the basis of the massive drill program that starts next wednesday. If the big seller is not finsihed we could see another pullback but so long as we form yet another higher low (14.5c or higher) then we could consider that bullish consolidation (as in a classic ascending triangle).

So what will it be ?? one more pullback or do we breakout in style today ??