technical

on the daily chart, i've got 28.5c as resistance (as we know). We have had 4 attempts to get up there and since the recent volume, we have been making higher lows.

i'm drawing an upward trend line from the 17.5c low on april 19 to the 27 may. if todays low remains at 25.5c, it will sit nicely as a 3rd touch on that trend.

my experience with ascending consolodation triangles like this is that when the horizontal line is upper resistance and we keep bumping up against it, the longer it takes, the more compressed the price range gets until it breaks. it generally signals a new market that is keen but is taking time to absorb sellers that bought at higher prices (e.g. the cap raising). as the triangle is defined by the upper resistance and we have a backdrop of unbelievably good fundementals, i'd say the break will be to the upside.

the way the trend line projections look, i reckon we could see some serious action around 15th June. not that it will matter for most of us as we are in for the long haul and have already bought in.

still, i thought i'd share that. hope you can all see it and would love to hear differing interpretations. the upper trend line is going through the lows of 19 april and 27 may. i really need to learn how to post images! for me, all the fundementals are now pretty much constants, with some uncertainty about rig timing, but now the focus should be on market and trading dynamics.

cheers