paintents has its rewards , page-42

Before I Start my argument, I would just like to say, that an announcement RE: the drilling of Chanape is due out any moment. And in recent times we have seen that Tuesday/Wednesday are the most applicable days for ICG and the directors to release their announcements.

I holistically agree with Zero, Harry. You need to know what your plan is. I originally was like you, only a couple of weeks ago with ICG. Was saying I’d hold LT then end up trading on the ST. After I averaged my price down to 4.9c, I decided to hold LT, and take the profits as they come, like today.

I bought more today at 5.3c, adding to my previous 200k stack, topping that up to 300k.

Now holding $16,000 worth of shares, at an average PP of 5.05c, I am read for the LT. Tomorrow I wouldn’t be too disinterested in picking up some more stock on open if the opportunity presents itself. If you look at the current buy/sell ratio on your screen, you will see that there is less than 1.4 million share on sale between 5.3c and 5.7c, that’s a 7% instant gain if one big buyer chunks up the market.

IMO, late in the day we saw some stronger buyers step in at 5.2/5.1 as it dropped in the last 20 minutes of trade from 5.4 to 5.2. Closing on a low doesn’t bother me that much with this little resistance between the 5 pips on the upside. It basically indicates that it was oversold in late trade, possible due to the Margin Loaners being forced to get out today in order to pay their share’s at a loss. If this is the case, I wouldn’t mind that they’d be back in again tomorrow trying to recoup their losses from today.

I’d be more worried if there were chunks of 500k+ sellers between this 5 pip range, but seeing that the maximum seller total is 250k and the median sales total Is about 100k shares ($5000), I’d say that they’d just be donkey bids in there to try to push the price down for tomorrow’s open to get the nervy sellers out there giving them the shares in for open tomorrow.

It is important to define what strategy you will take in to attacking this stock. Needing to read the trends and the candles as they come. But, also use your own ‘gut feeling’ at the time, going against what the graphs say. Today, the WMA crossed below the SMA, and the MACD pushed down from Friday’s run… However, I think that this is oversold, yes it would have been better to close above the lows, which would show some good support, but the average purchase price (volume weighted average price) was 5.62c, which confirms that it was well oversold late in the day. By 12pm today, we had traded 11m shares and were sitting at 5.6c. It was not until around 2pm that we started to drop to 5.5c; on 14m shares, then late in the day we closed at 5.2c, only having traded 17m shares over the whole day. Meaning only 3m shares were traded between that 0.3c range, an overreaction of a panic in the market.

I wouldn’t mind betting that this will finish green tomorrow, and the smart money jumped in on close to snap up those nervous sellers and margin lenders on close. After we saw how hard this can run on a good day like Friday, this adds confidence to the TA traders, aswell as the FA holders in it for the potential of the story (like myself).

IMO, we shouldn’t get much selling resistance on open, as I think the DT’ers will want her to keep moving in a positive trend, as it is easier to manipulate a positive market than a negative ;) as we all know too well…. But, I see this going to 5.5c/5.6 tomorrow, as was a clear resistance today, with many big buyers moving in everytime a big seller would drop from 5.6 to 5.5 to ‘get out’ and push it lower.

If it wasn’t for that big seller at 5.8c at around 10:25am, then I think the whole day could have been different, and we would have pushed through 6c, as Adros said.

I, for one, am still completely confident in the TA and the FA, and am extremely happy to have by average price just over 5c, because when this goes to 20c by the end of the year, we’ll all be laughing, and these big manipulators will be licking their lips whilst all us pessimists out there (Harry) will be on the verge of suicide (the extreme) as they wish they had of taken proper research into ICG and seen the full potential rather than listening to rampers obviously trying to push up the price before they sell off big (note: 10:25am).

Take this advice however you want to, disregard it or let it influence your decisions. But I think I have made my point clear; you’d be mad to sell out of this stock tomorrow, or at any price below 7c. These levels are money for jam; Chanape is going to be very good, I can feel it.

This particularly is my favourite screenshot. Showing the moment she broke through 5.5c, the Bears pushed her down REAL HARD.

More of this Tomorrow Please. hate the Bears...

Hope you enjoyed reading. Took me a while! Worth it though, trying to give solace to some edgy 'punters' :)

-Jormas.

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FUTURE EXPLORATION
2013
This first phase of drilling at Chanape has produced a major breakthrough for the Company in that i) a copper, silver, molybdenum porphyry has now been identified in the very first deep drill hole and that ii) the rich gold and silver bearing breccia pipes are firmed up as a legitimate near-surface resource target.
The immediate next phase of exploration at Chanape will include i) surface orientation work, ii) hydrothermal clay mineral mapping, iii) expert assessment of the mapped surface geology and the logged core geology, and iv) further geophysics interpretations - all designed to facilitate optimal drill hole targeting both for the epithermal breccia occurrences and the underlying mineralised porphyry.
A follow-up drilling program of no less than 6,000m of drilling is planned for Chanape by the end of 2013. The objective of this program is to begin drill out of a possible maiden resource at Chanape.