denpal,Two pronged response here!1) Response to share price...

denpal,

Two pronged response here!

1) Response to share price action being associated with the announcement:
- 1.34 million shares were sold today
- A number of those were crossed
- Serious insto's just bought 17 million shares at $0.90
- Just over 300k shares drove the price down to $0.90 and from there small volume ticked the stock down for much of the day
- The observations from the drill Logs were consistant with previous Logs released which seemed to create positive sentiment. The drill Logs reflect approximately 1/3rd of the holes to be drilled in this first wide spaced campaign. This latest set of drill Logs observes Manganese to depths of between 50m - 70m.

On balance this most definately excludes results as a cause of the sell off. However I appreciate that sentiment is often more important than field observations and having shares sold after these observations were tabled does not do much to stabalise sentiment.

My real question at the end of the day surrounds those that had the most to loose from a retrace in the share price. By 'those' I mean the insto's who just plonked in over $15.5million at $0.90. They lost 13.9% on paper today. So what were they doing today - after all it would have only taken $300-$400k worth of buying at a critical phase today to stop the price from moving beyong $0.88-$0.90. In fact had they done that I suspect the share price may have recovered to the low to mid 90's by the close of business.

The answer for mine lay in the volume of 1.34million shares. This volume and price retracement would suggest that they were neither buying nor selling today. This would therefore suggest that their investment was not affected by the field observations released this morning.

So what comes next?

Well if I were them I would be waiting for the remenance of panick to die down and then use the complete lack of resistance and traders to crunch it much higher.

Markets permitting I forsee some very valuable trading opportunities ahead in the next two days.

2) Response regarding your lower high observation:
A compliment on your 'Plan Your Trade - Trade Your Plan' technique. Awaiting direction confirmations will more often than not make or preserve your fortune.

IMO
DYOR