significant prospect upgrade here..., page-11

Interesting technicals here...

Has stalled on the same number that provided resistance on Tuesday (55c)...but this time it appears the reluctance is to trade through it to lower levels, whaereas yesterday it was the opposite effect, with traders not prepared to trade above it.

These are technically significant results...and apart from a few aberations that can be expected either side, it suggests to me the market is finding equilibrium at current levels.

Given how far and how fast it has come...and particularly the volumes nvolved, this is a pretty good result in my view.

It also suggests a bias to the upside while the news remains at least of a "confirmatory" nature.

Current activity suggests recent news has now been equated to current levels...to the extent that any positive news from here (any at all) should result in a significant upwards move.

Final note...I suspect the market is banking on another announcement on Monday (maybe Friday)...which of course would be based on the 4 day gap between recent announcements. This may well prove to be the case, but given we are currently drilling about 30-40m per day, combined with the fact we are now in a major target area, it may well result in a surprise announcement at any moment.

As such, it might be worth holding at least a core position, even if only in it for a trade.

Just a thought.

Cheers!