Hi AllTrend continues to hold with current downward channel. At...

Hi All

Trend continues to hold with current downward channel. At 6.5 it's reached support points from september and november last year. Off this support line we would be coming to the apex of a descending triangle/wedge, as I read it, over the next couple of trading days. A break below that would be discouraging for the short term.

Relatively low volume apart from the U buyer has led the slide in price, together with the delay in news re Feasibility Study. I followed this up with UCL late last week and was told that Rob Murdoch is presently overseas and won't be back until Mar 11. It seems unlikely that we would have any material news prior to his return.

I consider this period weakness and will continue to buy as I am able - possibly a little risky but sometimes you have to run with your convictions and mine are that UCL is vastly undervalued in respect of the Mehdiabad asset which I believe they will either get up and running or be taken over at a decent price.