$3.00? That was projected 6 months or so ago. There have been few global events which have changed the landscape somewhat since then - I am sure you have noticed. So we will have to wait until perhaps Dec 2009 - stay cool! The resource is not going to go away and has been valued at some $1.25 billion as it stands - allowing for a 35% decline in IO price. Do your own maths on that. Discounted at 40% that comes pretty close to $3.00. The only issue now really is getting the stuff to port. So the $3.00 stands - but the timing has unfortunately changed.
Technical - based on what? The charts, which one can either follow or not. If you do then a buy signal looks like arriving very shortly.
BHP looking? They have been seen there - simple as that.
I am off walk about this week so bang someone else's head over the next 10 days if you want to vent any more angst :-)
UMC Price at posting:
51.0¢ Sentiment: Hold Disclosure: Held
