Jeez Pete, why don't you pick a hard one? This would be your...

Jeez Pete, why don't you pick a hard one? This would be your classic hard ball get! Talk about catch a falling knife.

ON THE DOWNSIDE
The intermediate downtrend is still in place : the stock has failed so far to make a series of higher lows.
The trading channel in this intermediate downtrend started with the high of 01/09/03. The bottom of the trading channel at present rests @ .74 cents, 6 cents below today's close.


ON THE UPSIDE
The stock has bounced yesterday and today off the .78 support level (although this level was established with only one low on 28/08/03 and has not survived repeated testing.)
A weekly chart now reveals a support/resistance level @ .80 (although again this has not been tested strongly.)
When the stock has previously printed a very large bearish candle, followed by an up day, the stock has rallied for one or two more days, then consolidated for a while.
The RSI (5 day) MACD (9 day) and Bollinger Bands (10 day) all point to a possibility of imminent reversal. These settings are for intra-day and swing trades and are not good at predicting major reversals.

MY ASSESSMENT
A possible intra-day or very short-term swing trade candidate with a price target of .88. A better prospect if it drops to .74
Medium to long-term outlook would be for a period of consolidation to occur before any rally.
I'm not gunna touch it until it reaches .74 cents and then have another look. It just doesn't meet enough of my 'buy' criteria for a longer-term hold. I think for a short-term swing trade or intra-day trade there are better candidates probably in the wings (and I hope this weekend to find a few of them!)

Sorry not to support you Pete, you've been in bloody good form lately, but I'm gonna pass on ASB for now. Have a really great weekend mate,

-HBG