Several Brokers yesterday had sells on 29M, and the market expects the company will need to do a capital raising, so the shorters are having a party. Production numbers looked ordinary so unfortunately the market is crushing the share price. I don't know where the floor is on this stock, and when a stock is on freefall its best to stay out and on the sidelines. There will definately be a bounce, but caution on catching falling knives, its a destructive way of losing capital quickly. I think 29M will be a buy at some stage, but until they raise money, and quickly, the shorters at this low sentiment will drive the price lower. Caution is the best policy, I lost thousands years ago on a stock called Atlas Iron - AGO was a darling at $4 and crashed to 4 cents.....Unfortunately the market is too bearish at moment on 29M Good luck to all, Brokers are seeking a capital raising so I will wait until that occurs before dipping into 29M, just my opinion.
29M Price at posting:
64.0¢ Sentiment: None Disclosure: Not Held
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