You may have jumped in a little too soon in my opinion.
Double bottom out the window now as closed at $0115 under cutting $0.12.
The other issue, this could be the start of drawn out capitulation (refer back to the PAN chart over 20 years). The last leg down is the ugliest and always retraces 100% and lower (every time without fail) - This cannot be ignored and way too predicable. (Even the fall from start of 2018 to 2020 is almost identical to the fall when are currently going though now..
Don’t be surprised to see 7 cents (hope I am wrong).
The healthy PON you spoke about the other day is not soo healthy anymore falling a whopping 16% in 3 trading sessions - Even copper and cobalt now below the companies forecast which suggests that costs could be $1.50 to $2.00/lb higher than estimated (this could put them per pound at average cost of about $15/$15.50/lb) in my opinion.
Nickel prices currently about $14.59/lb (AUD).
It’s certainly a long term hold (two years) but then this is lost opportunity cost.
All my views only.
PAN Price at posting:
11.5¢ Sentiment: None Disclosure: Held
(20min delay)