I reviewed the technicals, nice bullish run, up over 1000% run from $.04 to over $.70, and a quick 55% retracement back to $.28.
NCEY broke out of a bullish ascending triangle at about $.25, and NCEY has, at least for now, found support around the horizontal top of the triangle, at $.25.
NCEY is trading on fundementals today. The 8K provides the required information, - NCEY does not have $18 million in cash to pay off the debt to Laurus.
If NCEY is successful over the next 60 days in refinancing the $18 million in debt due to Laurus, with a creditor other than Laurus, the share price will easily test $.70 again.
The short term 7 day technical indicators were very bullish until today's 8k indicating, at least in my mind that the share price was appreciating due to the fact that NCEY would not default on the Laurus debt, due July 2008. The longer term indicators, three month view on the move from $.05 to $.30 still indicate a long term bullish trend.
On micro-cap oil and gas plays, IMO the drill bit and creditor/bank financing always trumps the "technicals".
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