cool it everybody, page-7

There is a lot of churning going on here to keep the volume up imo. Last week the big buy of 1,300,000 @ .48c (from memory) got taken out after it was nibbled a bit. Imo the same money is buying and selling to themselves, at least that’s what it looked like the last few days of last week.

Chart wise it is looking good, as long as it holds .465c which it tested a couple of times the week before last.
.515c is the next resistance and after that .53c being the 12 month high in August last year.

The amount of sellers is definitely concerning given the fundamentals. Perhaps stale holders (residual selling) exiting. I guess we have to keep in mind the sp has not been at these levels for 12 months so some would have an exit plan no matter what the fundamentals are.

The market is also in "no mans" land atm imo. Volume is down and investors are reluctant to enter into new positions. I doubt whether we will see a lot of downside in the overall market in the immediate future but the stella gains of the last few months will more than likely come to an end imo. That said I would think that if ETC was to fulfil its FY09 profit guidance figures and lock in its upcoming deals the sp should definitely move north from these levels which I personally think are currently undervalued.

4 month daily chart with notes/comments.