Scott there is definitely accumulation going on in the 28cps-30cps area and I have observed a few intra-day shenanigans from the big boys when small orders were pushing the price down with large off market orders sweeping up all the stock from weak holders. On a technical level a decending triangle has formed which is quite bullish with accumulation being around the 29cps area and diagonal resistance since the begginning of the recent downtrend. This will be a technically decisive point that we are approaching in the next week or so as I am confident it will either be followed by a strong upward or downward movement.
Fundamentally speaking, SVL is still extremely undervalued as a quick glance of the valuation courtesy of Nathan shows so I am not too concerned about short term movements and will most likely take advantage of them by either topping up or taking some profits. The new resource model coming out in a few months is a major SP catalyst. Imagine what 50M+ oz could do to the SP...
SVL Price at posting:
29.5¢ Sentiment: LT Buy Disclosure: Held
