Why? Huge support around $17. The critical technical level to watch is an end of week close significantly below $17. That would presage further falls .... How far down I am not prepared to speculate but I reckon the worst of the selling is over. 2014 may well be a better year for the bruised and battered NCM ( at least the latest CommSec review of NCM is of that view).
I don't believe that it is all over red rover for gold. This could be an excellent buying opportunity .... Even if it is just to catch a strong bounce from a very oversold scenario. I would steer clear, for the time being, of speculative gold stocks that may face liquidity problems as as result in the fall in price of Gold. NCM could well be the safest gold stock to buy right now. If one waits for a lower entry one could miss out altogether .... esp. if $17 holds on a weekly close.
It's been quite a while since I owned any NCM shares ... This could be a rare opportunity to make some decent coin .. or lose some (not that much as I have a stop in play).
It's a risk reward scenario which I believe is now weighted more toward "reward".
Good luck with this one if you are holding or biting the bullet and purchasing.
NCM Price at posting:
$17.00 Sentiment: Buy Disclosure: Held
