I just happened to watching the market depth on BRW to get an...

I just happened to watching the market depth on BRW to get an indication of where this might heading after yesterdays announcement.

A couple of at market sells have pushed the price down a bit - buyers appear to be cautious and then I noticed that someone was neatly stacking the sell side with 250k parcels - 4.5, 4.6, 4.7 and 5.0 (i think). The sell side now looks pretty heavy.

This sort of trading indicates one of 2 things

1. Day trader using momentum to exit a position at various levels - I doubt very much its this. D/T's are staying well clear of BRW.

2. Someone looking to accumulate at current prices. They make the sell side appear heavy while accumulating the stock of those reacting to this otherwise sneaky tactic. Its been discussed on here before and while it may not be very legal (ie, this person has no intention whatsoever to sell), it happens all the time.

I'd be watching this one carefully. I doubt it will be explosive by any means, but if there is some serious volume churn around this level today, there is definitely accumulation happening.

And why wouldnt there be? $2.3m/qrtr in royalties for doing nothing - no further concerns of capital raisings. BRW are firmly placed now to aggressively explore Kambalda West.

Just my opinion of course.

oh, and not a bad chart either. Good example of channel trading. Todays price action has pushed it above the channel - if it can close on the top of the channel, that is good enough for me

Marchello