This looks like a classic "wedgie".
As you can see in the first image this stock has been in a massive downtrend. Price has wedged itself into the corner of a wedge.
Quite often these trades can EXPLODE out of the wedge. If you look closely at the chart you will notice that the majority
of the larger volume spikes line up with the lower price bars. It looks to me like they are buying, so a break to the upside
apears to be on the cards, hopefully.We entered this trade on the 31st of July 2003 @ 4.2c as illustrated on the close up below.
Target would be around 6.6c as illustrated below which would yeild 57%.
Update 6th August 2003: Woah !!!, Almost made it in Real short time, of course the fact that they found some nice huge
diamonds helped, but hey, you have to create your own luck ! and look at that volume !
Even though they have had a nice diamond discovery and the potential is there for this stock to climb to much higher levels,
I am sticking to my original target and not going to let GREED into my trading plan, there's two things that kill investors on the
stock market........FEAR & GREED.
Update 7th August 2003: Well as expected, it happened today, the stock flew up on the hype of the announcement,
Then sold off. I actually had my sell in the market at 7c, even though my target was 6.6c, I was going to amend down
if it looked like running out of puff. However, as luck would have it, the National Online Trading was down yesterday
morning so I couldnt amend my order anyway, luckily the stock took out my order anyway ! so I ended up with 66.5%
rather than 57%...... shame about that! as it turns out I could have got even more out of it, but then we get back to the