Last week we saw the first weekly close higher of 2011 as the share price continues to follow a short term 2-month downtrend from the highs ($1.45) achieved in early December.

This followed a 50% retrace two weeks ago that also saw the share price bounce off the lower trend line in the $1.00 range.

Last week saw the share price continually try to break above the 38.2% retrace level ($1.10) before finally succeeding on Thursday before closing the week at $1.16.

Watch the all important $1.20 level for guidance next week as that also coincides with the upper range of the 2-month down trend, as well as, the 50 day MA.