Hi Taboon - interestingly, it bounced of the first fibbo level of .585 (.665 intraday top) Apart from the last few trades, we were looking like a .615 close (down half a cent). Even up to the final cross overm the buying strength/depth was indicating .61. I agree, it is very strong. The .665 was a clear overshoot and because the volumes are thin on the screen, can move with real volatility. I wouldn;t be surprised if there was a bit of a manipulated shakeout as well. Lot of money to be made on a .65 sell and a .60 buyback.
The general market and miners especially followed a similar path so I think your call is a good one. DOW is looking good so far on Bloomberg and hopefully the allords can break out of this latent sideways pattern. If it does, i think it will be a big day.
The best thing for us is for SDL to consolidate at the .60 plus level for a week or so.
SDL Price at posting:
60.5¢ Sentiment: ST Buy Disclosure: Held
