Wow, that 100 000 share buy order didn't last long, gone already as someone sold 100 000, and the sp has crumbled back to 61.5c again!
It looks like breaking out above 65c is still a long way off!
Yes, traders have lost patience with KGL, even though the story is a good one, especially when other stocks are experiencing big rises and lots of optimism.
ABU has gone from 3.9c to 6.2c in the last 2 months, a nice rise of around 60% with more to come! A great sp rise!
CTP has gone from 5c to 16c+, now in a trading halt with another announcement to be made. Over 300% rise in the last 7 months! That is seriously good money!
KGL has a good story but it still has a long way to go before Andash and Jervois get up and running.
Smart traders are making plenty of good money in other stocks in the mean time, and if KGL looks like it is going to make a run at some stage, they will be cashed up and ready to pounce. But no real urgency for traders to buy into the stock now with so much still up in the air.
As KGL now stands why would traders buy into the stock? Buy on hope? Whilst the 12 months outlook for KGL is probably good, traders want short term profits and at the moment there are many stocks that look great in the short term.
So KGLs current market are existing KGL owners who are averaging down their buy in prices, or buying in hope, and long term institutional investors. And unfortunately KGL can't convince too many institutional buyers about their story at the moment. So the sp is languishing!
Simon and the board, please keep the market and us informed of every bit of positive news that becomes available. KGL needs all the help that it can get to try and break through the 65c barrier and move upwards towards $1!
KGL Price at posting:
61.5¢ Sentiment: Buy Disclosure: Held
