Thursday, August 15, 2013

Trading SBB

Once buzzing around $8 at its high, my favorite northern Canadian project is in the dumps (as far as sp is concerned). That being said, there seems to be a number of individuals trading this thing quite successfully. The latest zone of resistance seems to be around the $1.40 range, with a weak support level at $1.

I saw it move up, and close, at that level yesterday and watched this morning, and sure enough bounced off that level by a good 4%. This is the third attack at this level so we will see in the coming days how it plays out.Interestingly enough, the historical charts don't show any major buying at this level, even going back 4 years (note: highest volume in the last 4 years has been at 4 dollars)

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