Closing above the .25 ceiling three days in a row is still a technical breakout.
The bad news (not enough money, missed deadlines, what next) has been flushed out. Initially, the market panicked and sold it off, driving the stock down below the now - new - .25 support level. However, realizing the good news (credit upped another $10+M, no payments until the end of NEXT YEAR!, anticipated turn-around in the zinc market early next year, all this favour being bestowed by its creditor!) drove the price right back up to .30!
Also, you had the opportunity to average down like you wished.
This one should keep going on upwards for awhile now, until it finds a new "comfort level", where it will park for a while until zinc's future becomes clearer. Where is this level?? Well, there are tiny ones at .40 and .50, but the next significant one is at .60! Now let's wait and see. |
