I think we saw the low today at 4.3c, looks like strong buying came in at 4.5c, so that should be the key resistance level. Finished strong after looking like no one was interested. I think only a matter of time before we see this back above 6c, too much potential to stay down here.!
This was my post from this morning on the day trade diaries.
PZC - Have been following this since around 3c when it was SSS. I have bought and sold during this time, but currently holding stock at average prices between 4.7c-5.3c. In the morning yesterday it was looking very bullish, with strong buying at 5.2c, only to see a 2 or 3 dumps of around 1 million shares which saw the share price close down to 4.7c. I have studied the trading patterns over this stock over the last few weeks, and I think over 50% of the issued share capital has traded hands since the major annoucement re:indonesia on the 23 of November. Since that time, 50% of the capital has traded at prices between 4.6c to 6.1c. I think if it can break 5.5c it could run up quickly again. I have spoken to a few of my friends in the broking industry who have done some research on PZC, and they believe it is worth 10c.
Also, 2 annoucements are due in the next week, 1 re:drilling in indonesia which started 2 weeks ago, and 2 re:due diligence in Indonesia. The company Secretary got back on Friday from Indonesia and the CEO will get back tommorrow. Anyway, it is a bargain under 5c IMHO, just in terms of risk reward ratio.
PZC Price at posting:
92.0¢ Sentiment: Buy Disclosure: Held
