sp was at 18-20c and was looking strong for a break out, on the...

sp was at 18-20c and was looking strong for a break out, on the day the bm results were due it had touched 22-23c and was going higher, until they announced delays which killed all momentum.

then more delays more killing of momentum, the market hates delays.

then for i have no idea why but they decide to go into trading halt, when they new very well that the market wants moisture content for bm coal to see whether its a success and suited for our tech.

i suspect there was a lot of accumulating from friendly's going on after the delay ann from 20c all the way down to 14,5c and i also assume they were hoping that the successful bm trial ann would have put a spike in the sp, ohhh how wrong they were.

now we are seeing the accumulator testing support levels probably knowing very well when next ann will occur.
they triggered stop losses the other day until the market woke up and refused to sell beyond a certain level (13c).

today it seems they are using the general markets volatility to scare some holders of there perch as is happening on all shares.

there is still underlying risk in mnm and until investors see the moisture results from bm coal maybe many don't want to risk anymore then they can afford.

personally i am confidant in results and am confidant in mining approvals coming through, with the backing of majors that mnm have if they cant get this to succeed no-one ever will.
also i have not seen a share move so quick, tells me there are plenty watching and waiting for boxes to get ticked and that those accumulating easily remove the sell volume(capping), also with the top 40 holding around 60% there is not much free float laying around.

also depends on your confidence and risk and what price % your willing to sacrifice in getting in on the safety net of positive anns.

i bought more at 14c i think there cheap and so does management going buy how many they have bought.


i miss vertigo