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Thursday, December 21, 2006

GPG - Guinness Peat Group (ASX)

Chart Chat posted this chart in November But GPG did not trigger our entry level. It has since traded back down onto the ascending trend line and is setting up in powerful pattern to break through resistance of $2.19. GPG looks primed to go. The following are my comments from November and are still relevant.

GPG has consolidated for 4 months with rising lows creating an ascending triangle considered a bullish base pattern. With volume picking up indicating an increase in buyer support, GPG on a break of $2.19 would project a target of $2.48 - $2.60.