My holdings peaked recently at almost 10million shares. I have now sold them all for the following reasons:
1) The State NSW Joint Authority has made her position "clear" source:
710731532) A State NSW Gov. representative said they are "considering new legislation" source:
710729783) I c
onsider dilution (hundreds of thousands of shares have been issued compared to when the float was ~500k). What was previously the 33cent all time high would now be around the mid teens.
4) I consider ASX volume, volume during early 2021 was extreme compared to now (there were many more traders during early 2021 than now in my opinion). https://www.asx.com.au/about/market-statistics.htm Therefore, the volume required to get to 33cents is not almost half, which essentially halves that above "mid teen" point, so seeing a 7cents recent high now, makes complete sense to me.
5) The Joint Authority members are said to collaborate (source: 70890107), the NSW parliament has a policy on offshore mining, "in or adjacent to" coastal waters: https://www.resourcesregulator.nsw.gov.au/sites/default/files/2022-10/policy-offshore-exploration-and-mining_0.pdf
6) Charting wise.... - First Red Day Pattern (bearish)
- Double top
- RSI is in the "overbought" zone, previous spikes into the "overbought" zone returned to the mean.
As I have said a few times before, I believe if the decision is stalled, that is not good. I believe if the Government are willing to stall an Australian companies' business activities (unlike 90%+ of the other NOPTA applications) then this likely does not bode well for the outcome (if they are willing to inflict damage now, then they could inflict damage later).
Things to lookout for:
a) if they go beyond the average decision making time for NOPTA decisions (bearish)
b) if they replace Madeleine King (bullish)
c) the freedom of information request for the NOPTA report to the Joint Authority (either bullish or bearish)
d) any further requests for information (bearish).
This last spike was a gift, I can retire from hot copper now. I might post every now and then, but I am primarily a passive investor from now on.
Good Luck to everyone.
