SRSR Sarissa Resources ready for major breakout
Tuesday 08th of April 2008 10:39:44 PM
SRSR Sarissa Resources trades on the pinksheets and in my honest opinion is one of the most bullish price charts for a penny stock that I have seen in a long time.
This update and posting is extremely timely as well. I have spent a lot of time studying the stock price chart of SRSR on all 3 major time frames and have come to the conclusion that SRSR is poised for a very big move, perhaps over the course of the next 10 to 15 trading days.
SRSR currently trades just over a penny at .0135 as of this writing and volume is starting to come into it heavy in recent days making a third approach of the very significant .015 resistance line.
I believe on this 3rd attempt that SRSR will be successful in breaking the .015 level. It is a stock traders secret that ‘usually’ on the third attempt of hitting a trendline or resistance line, a stock is successful in overcoming it.
My price target on SRSR is in the range of .10 to .40 cents, possible higher. The time it will take to get there is unknown at this time. But SRSR has a history of sprinting to a big price target and then consolidating for a long time.
SRSR is a beautiful combination of a penny stock that has a superb fundamental story and an equally beautiful technical story.
The technical story (always my favorite preferred type of story) is that SRSR has built a sideways consolidation of 4+ months long into a symmetrical triangle that has held its ground when most other penny stocks do full 100% retracements. When a penny stock holds support after its first major spike off a bear market low, it gets my attention big time.
Anyway, here is a quick chart I drew up that shows a little bit of what is developing with SRSR. It has a huge inverse head and shoulders chart with each shoulder approximately equal in length. This is an indication to me that SRSR is just about ready for prime time.
As far as the fundamental story, there is a very excellent summary of the fundamental story right here in pdf format. I highly recommend that you read it.
There are a bunch of other technical factors that make this a great play.
SRSR should be on high alert right now.
Watch for a break of .015 for the wheels to really set in motion.
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