The short term trend has potentially turned with the break of 2 month bearish LOG trend line at 62 cents yesterday. So we saw technical buying Monday, but interestingly full service brokers Citibank, Deutsche Bank etc were buyers also according to Bloomberg data, so having a bias to the upside for flow and technical reasons is reasonable. 75/76 cents is big resistance for mine, we were rejected from that area Monday so still work to be done, solid push above 75/76 and were looking at 87 pretty quickly. A break of 66 cents and the downside/ sideways bias is restored..
Feels to me people are coming to the conclusion there is some cash flow and hence value here and that the bankers will deem leaving it as a going concern is in the best interests of everyone.
I am keenly aware of the ability of accounting to hide reality, but is this isnt another Centro or Enron.
GL
SGH Price at posting:
70.0¢ Sentiment: Buy Disclosure: Held
