Today was day three from those who bought on annnouncement day...
They either held on tonight and coughed up the dough, or they sold.
I suspect some sold.
The 30c line was a critically important one today...
Below 30c the selling seemed quite forced and designed to knock the price down...perhaps in an attempt to generate swings, or simply to set up a short play?
Above 30c, the selling patterns changed to one of obtaining maximum price...letting out smaller lines, or selling into the bid bu leaving something there for itto grow again.
Clearly the same games went on today as they did yesterday...and right up to about 15 minutes from the close, it looked lke we would get a repeat performance of yesterday, where the stock was swamped in the dying minutes, whipping it up significantly before the close.
Today, it went the other way...in what apeared like an attept to set up a reload on Mondayon the back of a pretty ugly chart.
The shooting star pattern will scare a few off, but it will oly be temporary in my view...say a day or two...whilst the stock meanders for a likely support line, probably somewhere between 22-27c.
Given we finished very close to this range tonight, I do not see a lot of downside entering over the next few days at current levels...assuming of course the corporate incentive still remains to see this above 30c.
it will be pretty choppy though, so probably best fo the conservative types to sit back and let the dust settle.
Of course, looking further ahead, the results and pending drilling program will dictate ultimate value here...which even based on what they have so far, appears somewhere much higher than the current market cap.
Lastly, I assume they are testing for a whole suite of elements here...especialy given the "unusual" nature of the breccia matrix...in particular, I am wondering if they are assaying for Au? Fire assay typically takes longer than standard digest, so it is conceivable that the gold results, if they have tested for it, may still be coming?
Fingers crossed.
Its been a nice run from 18c.
Cheers!
AQR Price at posting:
27.5¢ Sentiment: Buy Disclosure: Held
