PNM 0.00% 2.4¢ pacific nickel mines limited

1.1 or 1.2 close, page-41

  1. 98 Posts.
    Time to throw myself at the fundamental trader wolfs (which by the way I have good respect for, especially Flux). I have followed all this chat for quite some time and based on the chat and my own study of the stock, I have purchased some stock, not for the short term but for the longer term 10c.
    I am a Fibonacci technical trader and what I am seeing at the 1c is classic Fibonacci that happens at 1c, 10c, $1, $10 etc. The stock has jumped above 1c, I brought it at 1c, not 0.9c as it is important that a stock makes the level breaks above the level and possibly goes back below the level. I see the stock either holding 1c as support or even going back down to 0.9 as this is the classic, how much it goes above the level, it will go back below the level.
    What is important though is that it holds 0.8c as if it falls below that then down to 0.5c, as 8 and 5 are also Fibonacci numbers.
    What I expect is a break below to 0.9, a retest above again to 1 and then 1.1, a fall back to 1, then on third attempt (post double top of 1.1, an initial break to 1.2, 1.3, 1.5, 1.8, then 2. At 2 we will see it dance up and down again, then break that go to 3, then dance around again then 5c, 8c and then eventually 10c.
    All the above will take time as all stock needs fundamentals to back it up and in the case of MAR that is more announcements for initial movement, then actual production later this year, then record production in 2014 then announcements of greater resources etc. Longer term it will be 10c but this will take time, not an overnight movement.
    The danger is if the company tries to expand too fast via acquisition and takes on too much debt, look at FML as a classic gold company that has done that and FMG as a classic Iron Ore company that has also done it.
    Personally me, I will wait for the dip below to 0.9, the rise back to 1.1 and then see it firmly hold 1c again and I will buy more stock. I want to hold it for at least 366 days to get my 50% capital gains tax discount.
    Now all this is my thoughts, it not advise and I know that some people will say that I'm reading tea leaves and that is fine, to each there own.
    PS: Gold will drift down to at least $1,300 an ounce as 13 is another Fibonacci number.
    GD
 
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