We'll see, with the exception of the last 4 trading days of EOFY the stock was actually in an uptrend and remains in that trading channel.
We should see some updates in the next fortnight which may start to firm up the picture for SUM. - Again there's nothing to indicate they don't have a monster resource here.
No negative news has been released and the business has been moving relatively fast on Brazil.
I don't think anyone disagrees with the company having "just" highly prospective rock chips. The play for SUM in my opinion is to get in at the bottom floor should they deliver the goods and get to a MRE/JORC.
Given the current SP we could see some accumulation take place with the cheap buying opportunities, the converse/bullish argument is a price target of 40c.
This is low SOI with the T20 holding a significant stake of this, good or bad as we've seen it doesn't take much to move the SP.
GLTAH
SUM Chart, page-806
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Last
22.5¢ |
Change
0.010(4.65%) |
Mkt cap ! $18.46M | |||
| Open | High | Low | Value | Volume |
| 21.5¢ | 22.5¢ | 21.0¢ | $57.00K | 260.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 48095 | 21.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 22.5¢ | 26062 | 1 |
View Market Depth
| Last trade - 16.10pm 28/08/2024 (20 minute delay) ? |
| SUM (ASX) Chart |