I didn't see much distribution on this stock after big accumulation at different points today. For a stock that has fallen tenfold, i see a twofold double bagger as not a stretch which is supported in valuing what is a fairly transparent clear measurable and sizeable jorc resource that is easy to compare to avg peer values to show room to move.
For someone who bought at $3 a twofold bounce from here would sound not very exciting. Even at twofold increase most insto's on the books would still be underwater.
With the first real resistance of note trend line wise at 56 cents, I reckon Monday will see lots of capping to accumulate in 40's. As I don't think bigger players will be looking for a couple of cents on this play.
With most analysts predicting gold at us$2,000 per Oz with qe3, where do you think Amx with its 3.1m resource will be sp wise? Closer to 40 cents or $1?
AMX Price at posting:
40.5¢ Sentiment: None Disclosure: Held
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