Strong resistance at 6.4 cents – and so the worst that should be seen IMO.
The latest announcement whilst had a lot of information regarding upgrades of technology etc, didn't really have much new information in it regarding gold levels etc, and after a burst of excitement, the market worked that out.
A lot of people are watching this now potential world class producer and so any sniff of news is going to get a run, be it large or small.
What we are seeing now is it simply returning to it’s (what I consider to be) new holding pattern (trading range) of 6.4 to 7.1. Remember it spent the best part of this year at a 2.8 to 3.8 and had a very quick run up.
If it goes below below 6.4 then maybe we have the beginnings of a down turn on our hands but I sincerely doubt it.
My best guess is on the short term, the next small run on good news will take us to the mid 07 levels of between 8.3 to 8.9 cents
On really good news we may see the old support of 9.3 cents come into play or if my Fibonacci is telling me truths, then smashed and the likes of 12+ cents achieved.
The coming results will be of a much greater effect I am guessing and so if you have the spare $, then it’s accumulation time.
All of this is just my 2 cents worth of course but I feel this in one company to hold, hold more off, and then hold some more because she is NOT going anywhere but up.
Regards Livelife2day
TAM Price at posting:
5.0¢ Sentiment: LT Buy Disclosure: Held
