I am not sure whether to be comforted by the current trade or to think that the past will in fact be the same again. In calendar 2013 and 2014 the annual lows have been in June each year. I am a great believer of history repeating itself.
Really I dont see current trading as strong we have really , my opinion, drifted since the interim. It has had a slow puncture style trading climbs higher on weak movements and then drifts back down but the range is pretty tight 51c to 56c. lately it seems to have tended to keep to the lower end of that band.
yes we are probably only a couple or maybe even only one announcement away from reversing the drift. The question is if it will be to the upside or downside. My gut feel is that the second half of this financial year will be good so I am hoping these prices are lower than we see early September. However what I am trying to figure out is if the price can get back into bargain territory between now and 30 June.
Then I have to worry about the gaps that are created as it climbs - assuming the next sustained move is upwards. I hate it when chartists tell me about these gaps and they must be filled. I m almost tempted to put in a buying order at each price level just to fill in the gaps on its way up.
So what are my expectations - I have been looking to buy on the dips but really they have always missed my buy-order - I am often in the queue but the sales dont get down to my order. I have withdrawn to the sidelines because I am rather going to see what the next move will be.
PGC Price at posting:
51.5¢ Sentiment: None Disclosure: Held
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