I think the biggest mistake on this one would be to try and pick...

I think the biggest mistake on this one would be to try and pick the bottom and wait for 1.40 even 1.20 levels in what I would see as a worst case scenario. Resource upgrades etc. are all well and good but you would be kicking yourself if you werent in the stock at 1.50 and a rail agreement was announced (obviously this is still not a certainty though but a risk worth the possible reward in my book).
I lost out on this one when I bought in at 2.90 but was still lucky enough to sell out at 2.54 to ride the current market storm. More than happy to get back in at 1.50. The depth shows plenty of sellers still but the volumes are p*week and small.

The market for me at the moment is like a candy store, the challenge is just deciding between stocks like brm @ 1.50, mae @ 1.07 etc.