OGC topped out earlier than most gold stocks last september but the down swing on larger volume, that broke the uptrend didn't really get into full swing until the new year. Since then the volume has slowly been declining.
Question marks about community concerns/protests at Didipio had to be one of the factors that was a catalyst for the recent down swing in share price, but with the recent announcement on further progress at Didipio it seems these question marks are well and truly on the back burner and it is ALL CLEAR for bringing construction and production of Didipio into reality.
On top of that I just find that the OGC is undervalued or attractively valued on its NZ operations alone at this point in time.
It was not so long ago that OGC was able to raise money from institutional investors at around the 3.52 mark (an opportune time) to acquire funds to bring Didipio on. This has resulted in the massive cash balance they are sitting on right now and the ability to fund the construction of Didipio.
At a much lower mark now of 2.37 per share, three times finding support in the 2.20's, the stock market and gold stocks at lows atm, I feel this could be the beginning of another change of trend in OGC back upwards and is a promising time to be holding OGC shares.
However this is my opinion only and I am not the market maker so we will see what happens. Cheers.
OGC Price at posting:
$2.37 Sentiment: Buy Disclosure: Held
