Decided to study NOT charts this am...I would have to say these are difficult charts to read.
Since the July 16th 2009 spectacular run up from .62 to 3.01 its been a slow and steady downward channel on relatively low volume. What's interesting to me is that it has settled on a historic 5yr support level of 1.06
Where does it go from here?
My guess would be 1.04 and then a bounce, most likely created by those who see the gift of owning a sliver of this deposit at close to a buck. If we trade below a buck this week, we'll be back to .87 level.. butI just don't see that happening.
SPQ owners may come into NOT with some of their profit (I will) just to avg down, and to take advantage of this opportunity...as much as it hurts to see this level, I see support at 1.04 and pretty decent odds the slow bleeding is done.
JMO this morning.
GS40