I am very skeptical of a lot of the price action that goes on nowadays, with so much blatant manipulation going on right across the market ... So with the knowledge that VRC badly needs significant volumes of options to be converted in order to give it time to work on major funding and BOAs, I have been very suspicious of the line up of buyers between 2.1 and 2.5 cents... This smelt to me of propping up the SP by interests friendly to the company ... especially as there was not really much volume being traded for a while ... I wondered if those "buyers" were genuinely wanting to trade, why wasn't the SP rising to something in excess of 2.6 /2.7 cents ?
However, things appear to be moving a bit more noticeably in the last few trading days, with the volume increasing and the SP starting to move out of the previous trading range ... As a few of you have just mentioned, it hasn't quite broken out yet, but there are signs to suggest that it is not just a case of propping up the SP, but maybe something serious brewing ... Also, renewed interest in options buying with only about a month to go shows that some people see it as a good risk, despite the small time left before expiry or conversion.
So I'm still watching this stock with interest, and still have some doubts about its chances for ultimate success ... but have to acknowledge that the SP action is definitely looking better ... Must be an exciting time for holders at the moment, but as a few of you have just commented, you still need to keep a lid on things until actual proof of major agreements is delivered.
Wayne
VRC Price at posting:
2.9¢ Sentiment: None Disclosure: Not Held
