Ray Chantry is Baillieus cheif mining analyst. The firm has sent all clients copies of accolades he has received in the press, noting his success in calling the shots on movement in the resource sector.
The comments the other day were passed on to me by my broker, who had just received a presentation from Chantry.
He says that this resource is major. This is obvious from the price movement of recent days despite the big placement.
Realistically, it is not the small time opportunists looking to make a grand from there $500 initial investment which is driving this stock. On the day the placement and drill results were released, MRX managed a huge intraday turnaround to close up a cent on turnover of 20,000,000 shares. - Now that is serious money.
Technically this is my favourite chart of the market at the moment. Check out its trend, the way it has held very high fibs, trend, depth, scallop,(or is it oyster ) formation.
The way I read it, the sell down of small parcels will still fail to take MRX below $0.14 in the coming weeks.
The chart just shows too much accumulation and momentum.
It has given me no sell signals.
i hold
MRX Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
