Metagaso Limited breaking out.

Metagaso Limited (MEL) - I have had my eye on this stock for the past week or so now, watching it tick up on lowish volume.

This morning they came out with a drilling update that the market liked pushing the stock up to an intraday high of 52c.. I suspect over the coming days we will see it test the next level of resistance @ around 56c. Old resistance as you can see on the chart @ 48c has been broken.

MACD looks positive, however the stochs are slightly overbought.. On the back of a good announcement through, this can keep climbing.

This is certainly not a buy recommendation, just technical analysis applied with potential targets (not certain targets).

Here is the chart



Cheers
Kevi