As investors, we MUST face realities regardless of how uncomfortable they are. We have a prospective company here with the potential to develop a low cost gold mine. Big tick. However there are no signs of manipulation at all imo - just selling into any strength. My chart from last week should have made that abundantly clear. All positive ann are being met with high vol distribution days with NO follow-through volume the days that follow. Not a sign of accumulation. Similarly, we've had only one single shakeout day in the last several months. Yes, volume came in on that day (intraday low of 7.7c). THAT is what i call accumulation.
We woll no doubt be testing those lows again today or some time soon so what will be important for short term direction will be if we see that volume come in again or if we need to make new lows. No signs of a consolidation base forming yet and nothing but lower highs and lower lows.
Keep it real people and you won't pay too much, should you choose to average down.
Ps: not trying to take the wind out of anyone's sails or goad LT holders. My MYGOA are down nearly 50% so i'm feeling the pinch like the rest of you.
MYG Price at posting:
8.0¢ Sentiment: LT Buy Disclosure: Held
