G'day Tibbs,in addition to the 'hammer' candle we have, the SP...

G'day Tibbs,

in addition to the 'hammer' candle we have, the SP also bounced off the 61.8% Fib line (using SP from $0.70 to $1.29) which was around the $0.94 mark...so technically it's looking good.

I was one of the lucky ones that picked up a few more @ $0.94. (Finally getting a hang of this TA stuff).

I think a few people were scared off by the large sell on the TSX on Friday.

I do have one TA question for you though...in some of your recent posts, you mention $1.40 as the next level of resistance, I'm just curious why that level? My beginner TA skills make me think it's more the $1.30 level....why? Because twice last year the SP touched $1.30 and bounced off it strongly...the third time it just cut straight through that level though when all markets were imploding....and then the other day we got to $1.29 and reversed...so if you're able to explain the $1.40 level I'd appreciate that.

Thanks again for all your contributions to this thread, you've certainly helped me keep the faith over the past 6 months.

Keep up the good work.

Cheers


SW