Finally hit bottom?Has Sorono Energy found its bottom? From the price action over the last few days it would seem to be the case and today's above normal volume could be the reversal point here. Indicators have been coasting in the oversold area for two weeks and they look ready to turn up. There's an upgrap to close at
.28 which I think will be closed tomorrow and then the real test if this is a reversal or not... Will it break the downtrend line? Today's volume seems to indicate that its going to do that.
There's still lots of room to the upside from here. If resistance at
.30 goes, then the first target on Sonoro is
.35 for gains of 27.2% from today's close. They recently did a Private Placement at
.25 to raise money for their project in the Republic of Iraq (which explains the drop in share price) and have warrants that are exercisable for a one year period at
.50. Click here for press release.
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Cheers!