So I'm sure all the holders of this stock have noticed the rampant capping and accumulation going on for the past 1.5 months. It is now more obvious than ever with 100k worth of orders at each tick between 2.03 and 2.06. I say it is being capped because the price of nickel on the LME has rallied from a low of 15,000 last year to around 25,000 now. Moreover, the AUD has also rallied (remember MCR's nickel mine is located in Western Australia so a stronger Australian dollar makes our nickel exports dearer and increases profits). Finally, MCR's production is picking up now that the nickel price has rallied, hence third quarter results should see a big improvement. Honestly, I'm gobsmacked by the blatant capping and accumulation. Once it's over the SP will soar, as MCR is CLEARLY undervalued at these levels! My next target is $2.20, then $2.50.
MCR Price at posting:
$2.02 Sentiment: LT Buy Disclosure: Held