Rising channel between yellow lines, blue line indicates upward momentum, so an upside break is a real posibility, but not definate. Price could easily retrace to the bottom of the channel.
CUE chart 6th April 2006
(updates further down the page)
Potential here for a double bottom.
If (more like WHEN) this breaks 26c we should see 32c before long.
Examples of this setup:
Disclaimer: The above mentioned information is my opinion
only, and NOT to be taken as advice as i am NOT a licensed
advisor. Caveat emptor.
Update 19th April 2006: Price ran to the peak (blue), retraced, formed a higher low, and now looks to be having a second crack at breaking out.
Update 2nd may 2006: It failed to get past the peak again last time, this time has retraced a little further, perhaps for a better "run up"? Some analysts call this the "slingshot" ... IE: it's pulled back further so that when released it can travel further. I'm a little concerned about the Red Moving average line crossing below the Blue...... but remember, this is a lagging indicator so even if price does continue up from here, steadily, then the red can dip below but move back above.
I believe this double bottom setup is still achievable, however, another failure before it reaches the peak again would indicate a lower high - it could struggle if that happens.
Update 18th May: Yesterday CUE had a couple of announcements stating that they'd found new oil in another well. As a result, price was looking like making another attempt at smashing through that peak level @ about 26c. However, after market CUE announced that a different well was being plugged and abandoned. It will be interesting to see if this latest announcement pulls price up short of a breakout again.
Disclaimer: The above mentioned information is my opinion only, and NOT to be taken as advice as i am NOT a licensed advisor. Caveat emptor.