Reaction to the $2.38 area is key, so far its bounced off $2.4 so short term uptrend still intact. We know instos have been accumulating and the latest 2.7M share parcel had been purchased at an average of $2.5 so I doubt they will let this sink any lower. Most likely just absorbing the supply resulting from ~1M shares coming off escrow, a supply that is almost gone, as volume has been decreasing.
FA wise a PE in the low 20s is undemanding for the 25-30% growth expected. The FY report will set the tone for the medium term trend.
MVF Price at posting:
$2.43 Sentiment: Buy Disclosure: Held
