It is noteworthy that since the shares peaked at 31c in October that there has been a distinct trend in flow. There had been strong net selling by Pershing - which could be any broker followed by Etrade and Bells, Patersons and Hartleys. The biggest net buyers by several orders of magnitude has been ComSec. This suggests to me an exodus by sophisticated investors and Perth insiders into the hands of the bunnies ie ComSec. This does not auger well. While stock is more oversold on a MACD than at anytime since the IPO with the RSI close behind it - and probably indicative of a looming bounce - it's still hard to get excited. The competition has ended, there is a titanic wall of escrow stock coming and probably another raising in Q1. dOYR but other than a technical bounce it's hard to see on a fundamental basis this stock is a buy now. It's STILL capped at over $30m fully diluted. A great quarterly with revenue #s could change that of course but surely the company would have guided the market to something if the revenue was a blowout in order to stem the share price decline. India doesn't seem to me to be able to spark the share price for months as the contractual formalities are sorted out and the JV partner can get a look under bonnet of the economics metrics that were generated by the first competition. I commiserate with people who are long but caveat emptor
MSM Price at posting:
7.0¢ Sentiment: None Disclosure: Not Held
