JULY 4/2010: Decided to study NOT charts this am...I would have to say these are difficult charts to read.
Since the July 16th 2009 spectacular run up from .62 to 3.01 its been a slow and steady downward channel on relatively low volume. What's interesting to me is that it has settled on a historic 5yr support level of 1.06
Where does it go from here?
My guess would be 1.04 and then a bounce, most likely created by those who see the gift of owning a sliver of this deposit at close to a buck. If we trade below a buck this week, we'll be back to .87 level.. butI just don't see that happening.
SPQ owners may come into NOT with some of their profit (I will) just to avg down, and to take advantage of this opportunity...as much as it hurts to see this level, I see support at 1.04 and pretty decent odds the slow bleeding is done.
Good morning all...
I see I haven't updated the TA since last month so here is what I see....
Pull up a 1yr chart and use the run up (1st week of AUGUST 2009) as your high point. You will see a long methodical channel down, perfect steps.
If you were to draw a trend line downward, the breakout occurred yesterday at the 1.37 level.
That should provide a support level going forward if there is anything to this. (so far so good)
Next level of significance is 1.45-1.47 resistance, this resistance comes from Nov 18th 2009 support before that nice little bounce we had to 2.47
If we can get thru 1.52 I don't see much in the way until 1.70 then 1.90
JMO Good luck all...
GS40
