Daily Discussion, page-2776

Just a quick update as was away this afternoon.

What a strong play today. Very strong buying in the second half, and much more frenzy in the last hour or so. Finishing on the day's high, and the highest finish in last 52 weeks. Nothing much not to like.

The play was nearly same as last one. Last time, coming back from high of 5.3, it did couple of plays around 4.5/4.6 and then reversed. That was the clue. Last 2 days, coming back from 8, a similar play at 6.1. I was watching if 6.1, whether it will hold, some to and from on 6.2/6.3, and then came the move. I got in at 6.4 the ones I left yesterday. Will continue to hold till an event/announcement or a drop around 10% from its high - my way of managing risk while we wait for final confirmation of drill results.

The positives are that there seem to be some big players who are taking position here. Another $750k transfer after market yesterday, but none today. So someone is loading up, not sure who, what their target is etc. But they seem very committed, not trying to hide and playing in open, but have not shown their cards till now. The trading report from last few days, if someone can post, that may give some clue. Or a notice. It looks like one big entity may have said to their broker to buy, other brokers got a sniff, and maybe piggy-banking that entity. The negatives are market cap close to 200m, no drill results yet, we are at the mercy of big traders - they can take up but could also bring down. But as I have said previously, very difficult to play market caps as its so difficult to quantify, so best to play price action. At this stage price action is very good.

Tomorrow, possibly a new high, possibly a new higher finish. All the best.