I've been watching the transactions closely over the last 2-3 weeks and it is clear to me that there is serious accumulation taking place and the share price is being worked to enable purchase of shares at lowest possible price. There is large blocking orders placed which are continually moved lower as sellers sell before the large orders. Also when there appears to be some buying take place and the price starts to move up there is simultaneous sell orders placed at lower prices (one larger volume order and second smaller volume order).The qty of orders is then continually modified lower and then moved to a lower share price.
With so many short term traders in the market now and continued chasing of hot stocks, traders are selling and moving cash into other companies. There is also a major change in market dynamics when news is released. The trend now is to sell into the news which also causes the price lower...This is happening in most mining stocks at present who have had a significant increase in price over a short period of time...e.g. PDI
This share was $0.83 less than 3 weeks ago and has now dropped over 25% on great news. POG is up, PM stocks are up...
This is a long term hold as the value in the ground is undeniable and ultimately the share price will reflect this in the future.
Cheers Matt
MGV Price at posting:
61.3¢ Sentiment: Buy Disclosure: Held
