having a great run and showing some consolidation round these levels. Not to be much of a great suprise considering the stock is back at the issue price from ages ago.
I have no doubt the advances will continue, bear in mind that this stock has performed in staggers on the way up for a while now. 5 was resistance, was was 11 then back to 8 then a bit of resistance at 14 then 16 rolling round there for a while, then pushed through to 20 with strong momentum. holding round this level for a few days represents a great opportunity. It had a intraday high of 21.5 which was nice, but the momentum behind this stock is not going away.
Mcaps of other stocks in the sector are also growing which is pleasing. Without doubt this is the smallest and hottest sector in town. The renewable energy, low emission nature guarantees that investors and government will ALL be attracted to it. Sure, it is in its infancy within Australia but give it a few years and the sector will most likely be in a few percent of investors portfolios. Mostly small investors but a few insto's as well.
We have seen PTR and GDY attract some institutional support through small cap funds and GRK will have it's turn as the fraccing at Blanche hopefully is successful.
In any event I am looking for substantial returns from this company over the next few months.
cheers
omg
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