technical target

ADY - Admiralty Resources NL – 49.5c
Comments from 14 May 2007-The current price target of 26c is on the verge of being met. Should a further upside breakout occur from this level the calculated price target is 51c. Considering the Stock has moved from 10 cents to 25 cents ( 250% ) then a further 100% is not out of the Question.

The Weekly chart of ADY shows the price target being met on the week of 2 July 2007 with a major corrective move during the recent market volatility.
The rickshaw man at the high shows rejection of a high price with Strong move back to 19c where the price tested the long term trend line (3).
It should be noted the low of 19c is a higher low than the June low.
This highlights the methodology behind drawing accurate lines.
Recently the stock has rallied with a higher low being set at 32c and a further breakout underway.

A price target of 64c is showing at the recent high price resistance area, look for more consolidation in this area.
Primary trend is UP.
For traders an initial stop would be taken at the support point of 43c.