CanOz
Home runs feel good, but base hits pay bills!
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- 11 July 2006
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All time highs are always major resistance, look at the volume too, imagine how many weaker hands are there, waiting to sell and break even.
Cheers,
Well, I don't see major resistance at 10 cents. I see some resistance at 9 cents (tested twice) and some resistance at 10 cents (tested once). Would be nice if it can break past 9 cents today for starters..
All time highs are always major resistance, look at the volume too, imagine how many weaker hands are there, waiting to sell and break even.
Cheers,
I see your point, but wouldn't that depend on how many shares were actually traded at or above 10 cents during that day. Maybe out of that volume less than 10% traded in that range (some anxious punters expecting it to break)?All time highs are always major resistance, look at the volume too, imagine how many weaker hands are there, waiting to sell and break even.
Cheers,
What's wrong with this MLS? Good announcement but the SP is going in reverse gear.....
Looks like the market has decided that the real resistance was at 8 cents. Go figure. So much for my technical skillsWell, I don't see major resistance at 10 cents. I see some resistance at 9 cents (tested twice) and some resistance at 10 cents (tested once). Would be nice if it can break past 9 cents today for starters..
Yes, resistance around 8 ish. It's rarely exact. Now has some established 8.3 ish. There will be some at 9 and 10 as you say.Looks like the market has decided that the real resistance was at 8 cents. Go figure. So much for my technical skills:
PROGRESS OF EXPLORATION ON THE SHERLOCK BAY
EXTENDED PROJECT AREA.
HIGHLIGHTS
• Sherlock Bay Extended is composed of granted E 47/1227 and applications ELA 47/1769-1770, which cover an area of more than 470 km² and surround the main Sherlock Bay nickel project area.
• Soil sampling has been completed over a number of anomalies on EL 47/1227, with results currently being evaluated.
The Sherlock Bay Extended project is composed of a granted Exploration Licence (E 47/1227) and two Exploration Licence Applications (ELA 47/1769 and ELA 47/1770) which cover an area of more than 470 km² and surround the main Sherlock Bay nickel project area. The project is a joint venture between the Australasian Resources Ltd (70% interest) and Metals Australia Ltd (30% interest). Australasian Resources are the managers of the project, with Metals Australia being ’free-carried’ through to the completion of a bankable feasibility study and the decision to commence commercial mining.
Australasian Resources Ltd, as the project managers, were recently advised that Mining Act objections lodged by Ngarluma Aboriginal Corporation over E47/1769 and E47/1770 were withdrawn in April 2007. This allows the tenements to be advertised under the Native Title Act, which entails a further 4 month notice period. Australasian Resources Ltd is therefore expecting that these tenements will be granted during the second half of 2007.
An initial programme of soil sampling on tenement E47/1227 was completed in January 2007 in order to test a number of anomalies identified by Metals Australia Ltd and other previous explorers. A total of seven geophysical targets occur within the Sherlock Bay Extended Project area and require testing. Assay results from the soil sampling programme are currently being analysed by Australasian Resources which will assist with the planning of future exploration work on the tenement.
Yours faithfully,
Norman Grafton
Company Secretary
Metals Australia Ltd
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