Hi tinitrider, agreed with you MRE is trading within a range from 26c to 50c. It is establishing a large base from the 25th october 08 similar to KZL.During this period, nickel price has reached an all time recent low. KZL has a recent capital raising with the biggest shareholder now holding about 75% of the total equity.Many mines has been closed and intended new mines have not progressed.It looks like the price of nickel is starting to have a slight movement that there is a hint that demand is increasing.KZL uses sulphur for treatment and production of nickel, a high sulphur price has affected its cost as it uses a big quantity of sulphur. Now that the price of sulphur is at all time low, the margin of profit for MRE should widen sharply.Yesterday,MRE is testing the 50c level and retraced. With the price of commodities running hot today, I won't be surprise MRE will break out today with the target of 86c in the short term, a resistance level set recently and the second target of $1.06.
MRE Price at posting:
45.0¢ Sentiment: ST Buy Disclosure: Held
