STX 8.33% 26.0¢ strike energy limited

Gamefisherman, It depends on your time frame. From a "daily" TA...

  1. 5,347 Posts.
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    Gamefisherman,
    It depends on your time frame. From a "daily" TA perspective then a break above 13.5 is bullish for a test of 15 again. But looking at the bigger picture (weekly), a break of 15 /16 is more important for the larger move higher. That would target 17.5 area initially on and "ABC" wave projection (projected off the 9.5 cent low in April) and ultimately 19.5/20.

    So I think the likelyhood is that if we break 13.5 then its likely a test of 15 occurs. I would have thought that if we are testing 15 then there has probably been some good news released which suggests 15 is also a good chance of being broken. So I think their is a progressive build up of resistance points that could break on any meaningful good news here. Volume with the move is important as it shows the level of conviction behind the move.

    At the end of the day though - if this proves to be comfortably commercial then I think it is a matter of time before we see levels that are much higher than that. Remembering that 3 brokers had immediate targets (before any success or upgrades to resource) in the 21-29 cents range and that is applying only a 5-10% chance of success measure built into their models. If you move that COS out to say 50% then you get much higher numbers. As HC alluded too - they will not apply those COS measures as the numbers become too large to be believable !

    IMO
 
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