Recent position taker into this name. What got me interested was the SP action found support around the $7.20s level on 22nd Nov and recently 10th Dec. Since then price had been creeping up finding buyers at higher level at the $7.40 zone to $7.60 where it looks like instos were accumilating the past few weeks.
Today's push to clear out the $8 level and then use that as a springboard to squeeze out shorts at the $8 level and then sit at the $8.20 level as of this very moment indicates strong insto players moving into MP1.
This is classic insto move. Sell and depress price when guidance did not meet their expectations, in their concerted 'tree shake' press the price down, sweep up stock at cheap prices, slowly raise their bids while mopping up other weaker hands and now they are in profit of $1 from $7.20 to $8.20 in LESS THAN A MONTH! Instos know this is a big, profitable player in their space. They can't get into NVDA, or push it around, and since its MC is only $1.2B in AUD (compared to $3.2T USD) which makes MP1 such an easy target to push around and they certainly did!
Where to from here for SP? Who knows? The current trajectory is looking good for longs, definitely painful for shorts from here out. If I were to place a target, it would be 8.2 - 6.7 = 1.5 so 1.5 + 8.2 = 9.7. I just took curent level from recent lows and then took that difference and whacked it onto the current SP to give a taget of $9.70 or if you would like a nice rounded up target of $10 in the next 6 months. Next level after that would the the $12 zone and then in a year or so further taking out the ATH of $22 if their execution of strategy by management are on point.
MP1 Price at posting:
$8.23 Sentiment: Hold Disclosure: Held
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