I have to laugh at Morningstar's valuations for MTC. A few days ago they said 92c, then 84c, and now 65c. Tomorrow probably 50c. The opposite happened last month when they kept upping their figure. Frankly their valuation is just a joke, as if it was based on company fundamentals it couldn't possibly keep changing like that. It's also a little surprising that people keep placing buy orders in the midst of this retrace. At present it seems that whatever price they pay will be too much by the end of the day. Sensibly you'd think no one would be bidding more than 35c now, because even then I think sellers would come down to meet it. Of course at some point it'll pass the measure of true value and then overshoot to 'undervalue' and a few punters will then pick up a good buy and be in profit very quickly as it bounces. Will that be today? I don't think so - unless management throw out some positive news. Considering how many announcements were released in September (about 20), you never know.
MTC Price at posting:
41.5¢ Sentiment: Hold Disclosure: Held
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