Take note of the volume traded, the market but for a few are holding onto the stock. Its apparent that earlier progress reports were not forthcoming for legal reasons in relation to joint ventures as some of us speculated in very early posts. From the outset, it was an investigation into structure at Bottletree. I commented in several early posts they were not looking for grade. The structure will direct them to find grade. It seems SPQ is still waiting on consultants to finalize their investigations and have been told like us due shortly. From my perspective, nothing for me has changed, as I hold a long view in light of future development. We already know what Steam Engine holds. Its apparent from the trading pattern this morning, a bit of a soak is occurring from those that were spilled which is tiny compared to the register.
On the plus side, the JV arrangement will provide capital to unlock the Nickel value. I note further tenements have been applied for.
From a TA perspective, price has reverted to the Stage 3 of the Weinstein Cycle as we await further developments which are by no means small beer. While price has pulled back, it is not below the golden zone of retracement based on the first peak. All remains in play.
SPQ Price at posting:
5.6¢ Sentiment: Buy Disclosure: Held
