buyers queueing and stacking, page-48

A few months back I mentioned to straws that the long churning process was designed to allow large holders to accumulate a position and to strip out the loose holders out of the share registry by severely testing their patience.

What happened today was the consequence of all those impatient, loose supply drying out. For those claiming that this was a move without catalysts, I think you will find that most of the rerating of explorers comes during the drilling stage, as holders and traders accumulate in anticipation of drilling results. Unless the actual drill results are spectacular, it almost always leads to a sell off on the release of the actual results. Hence the old addage buy the rumour, sell the news.

My target for this one is still 3c before news, what happens after will depend entirely on the drill bit, but I will probably derisk a little beforehand.