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15/07/21
14:28
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Originally posted by edgemac:
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Have a look at the Coking Coal Price for starters. I also doubt there will be a speeding ticket given the current undervaluation of the basic resource and the recent SP variability. Admittedly there is still great uncertainty about the State Coal Policy and the progress of discussions/negotiations. However in my opinion this is still very much worth a punt. (and I do mean a punt until the policy clarity at the end of the year - hopefully). In the meantime I think that they have cut most expenditure so a CR is less likely and probably not wise at this price. If the Policy get sorted and there is a new mine plan required there will be a CR for sure but if that happens the price should show some reasonable improvement.
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Agreed, even noting the trading over the past week, it's been pretty consistent accumulation without much retrace. Look like position building to me. Chart wise 6c is pretty solid so a break through that doesn't leave much in the way of resistance, 6.9, 7.4 and then a gap to 22c. A punt indeed!