Results this morning weren't as bad as the share price is reflecting. With further results pending can't believe this is near its all time low. Was holding 10.5 quite well until one sell of roughly 1.2 million cleaned out the line at 10c. Can't see this staying below ten for long should see some bargain hunters come in tomorrow. Volume on the buy side dropped to 800 000 at one stage back up to 2 million now. With a successful 7 million capital raising in January at 11c and roughly 3 million in the bank, there are no concerns regarding further dilution in the immediate future. This has to be excellent value at it current share price.
There is no reason to believe there has been a leak regarding results as the number and volume of sellers today does not reflect this. More like buy on the rumour sell on the announcement.
Looking back over the last 12 months whenever a low point has been hit a nice bounce has occurred not long after. Will be surprised to see this under ten tomorrow. Someone has been play this stock very nicely.
IDC Price at posting:
9.6¢ Sentiment: ST Buy Disclosure: Held
