a tell will be how BML trades if asx silver stocks show a clear technical breakout in strength after tonights FOMC decision on rates.
its been quite a varied tape past 2-3 months. the strongest stories have been usl, ard and ssl - but everything has consolidated - none were immune to the general pull back.
ivr became especially weak - but it was extremely richly priced on an ev/ag oz basis so that is likely why... if the sector bulls i expect ivr will start regaining all it lost pretty quick
if tonight is the green light for silver stock wave 3 as i think is likely- the next 2-3 weeks tell us who the market prefers, either because they have the best project and/or they present their project in the most relevant way or have made clear they are most undervalued etc
then we'll see if BML can start to catchup the fairly major underperformance its racked up both in relative technical and absolute valuation terms vs those peers over the past ~18months or so in particular.
if it does start to capture anything like ivr and ard in daily$$ turnover that would be a big positive
BML Price at posting:
8.9¢ Sentiment: Buy Disclosure: Held
(20min delay)