All stocks need to do some work - to consolidate price wise and then as it passes from the weak short term traders it becomes owned by the true believers. Often this is called in markets as "the stock being washed."
After a strong open at 37.5 - CHM finished the day at 29.5 cps.
The key here though is from a trading perspective CHM traded 42 million shares or $13.6 million in value. Put in context CHM raised $35 million under its prospectus.
In terms of value 39% of the stock that was raised under the prospectus was traded - the conclusion is simple - the short term $ has left the stock and now as it tightens up moves to the upside for the share price become alot easier to make.
The investment case underpinning CHMis convincing / the potential is huge (and has already been covered by some excellent posts by other HC members) - the trading today sets the scene for SHARE PRICE APPRECIATION - UP WE GO!!!!
CHM Price at posting:
29.5¢ Sentiment: Buy Disclosure: Held
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