That's a nice clear chart. Plenty of elements on which to speculate.
- Break through recent downtrend suggests a test of the 2 c top is indeed a real possibility
- Big volume over the last 2 days showing trader interest but also suggesting possible churn from insiders and risk on day trading pullback clearing out buys before settlement. Factors to evaluate.
- gap up from below to consider
- potential triple top at 2cents - a break through and 3 cents is on. A failure and probably back to 1.
If there was any real value to this current announcement the upside would be seriously on with MOX being low priced. Because it's empty news caution is advised as there will be a dump but as others have implied heat can run things further than might otherwise be warranted. If it looks like follow through can push through the 2c barrier then I'm open to a short term trade but MOX is not a stock to hold through it's gyrations, just when management need to work on topping up the accounts for their salaries.
Thanks for the heads up.
They now have money to drill after this morning's announcement.
"Monax Mining Limited (“Monax” or the “Company”) is pleased to advise that it has completed the placement of the Entitlement Issue shortfall to sophisticated investors to raise approximately $914,000 (before costs). Strong interest in the shortfall allocation resulted in the issue being oversubscribed.
As per the Entitlement Issue prospectus dated 30 May 2016, Monax has now raised in excess of $1.5 million (before costs) from both new and existing shareholders who recognise the significant potential of Monax and its key projects."
Resistance at 0.018 broken convincingly after the strong gap up and very large volume.
Due to the very low market cap and the large premiums being paid for peer lithium explorers this remains an attractive stock.
The buy / sell ratio is still 6 / 1.
With a market cap of $6.5 million and rock samples exceeding 6% this remains a strong buy.
Cheers Lute
