After a quites strong performance in the past weeks it is not unusual to see consolidation. I am rather surprised to realize that SP is not consolidating more. Clearly a sign that the interest for this company - espacially after the last drilling results - is still strong. I guees we might see some sidewards consolidation betwenn 57 - 62 cents, with a possible breakout in the one or other direction. My feeling is rather that we might break the 62 and see 65 within the next couple of weeks. Obviously further good drilling results or another interesting announcement would accelarate this process considerably.
In every case the drilling results will lead to higher resources estimates and this will then result in a higher possible SP price target. As I already wrote a few days ago: I would not be surprised to see prices above A$1 during 2011....at the latest 2012.
YTC Price at posting:
57.0¢ Sentiment: LT Buy Disclosure: Held
