TAW 0.00% 31.0¢ tawana resources nl

finally off and running...

  1. 15,276 Posts.
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    TAW finally broke out of it recent resistance finishing the day at 88c, after touching 90c during the day.

    I must admit, I am a little surprised that it languished in the high 70's & low 80's for as long as it did...not that it matters now because it appears to have finally made the break!

    To those analysing the daily chart on TAW, take care. Today's close of 88c is more significant than some of you might think...it should be read as a $1.00!

    Why?

    The charts have an abberation...it was caused by the 1 for 2 bonus option issue that went ex. on the 22 July.

    The bonus options traded at 25c pretty much straight away...therefore had a negative effect on the shareprice of 12.5c!

    So what does this mean?

    By looking back at the daily closing prices; if you read today's close as $1.00 and not 88c, it means we have just closed above the recent high of 98c (July 17) and we are at the door of the all-time-high closing price of $1.04 (July 1)...so if it trades through and/or holds 92c on Monday ($1.04), then we are actually in "blue sky" teritory!

    The shares have recently traded as high as $1.13 (July 2) so this would be the obvious short term target, though I wouldn't expect too much resistance.

    Cheers!

 
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