RRL is down close to 25% from its July high so any weakness from the quarterly is pretty much priced in. Its oversold. Price target is 4.33 with resistance at 4.775 The whole sector regarding the bigger side of town has been and remains in a malaise. Saying that ,the cash price received is a pathetic $2256 which is massively below where they should be at this stage. The hedging strategy of this company is incredibly mindless as they still have in excess of one full years production hedged at more than $1000 per oz less than spot. $1000 x 380,000 = 380 mil which is big bickies in anybody's language. It is no surprise that the share price is struggling. Volume has been slowing as the selling increases, so todays volume at the close might be of interest.
RRL Price at posting:
$4.67 Sentiment: None Disclosure: Held
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