Out of the blocks hard this morning on the back of a good...

Out of the blocks hard this morning on the back of a good recovery yesterday and a nice Ann this morning. The usual low-volume selling all afternoon however leaking it back down. Seems there's only short-term players running this up and down at the moment, although having said that I still believe it's in the process of forming an uptrend channel.

Anyone who takes the time to review the recent Anns will be aware there is a huge program of newsflow imminent for ROL over coming weeks (I confirmed this with a call to the company today). I believe this will eventually overturn the tentative sentiment and a much more "robust" recovery is unavoidable.

If it tracks down again, and the MC starts to approach the cash backing again, it will get pushed back up immediately, so the downside is covered. The upside on the other hand - as pointed out by pwaldren - is looking increasingly compelling.

Everything is lining up now for a fairly quick retaking of some percentage of the previous SP value. It's just a matter of time before the wider market realises it and the bitter taste of 2012 is forgotten.

Will it re-rate back into the $2 range? I'll be happy with a halfway recovery for starters...