I’m a glass half empty type person so I’m struggling with a few thoughts with CHN at the moment.
First up, I got in at 34c. I sold half this morning, so now I’m pretty much free carried with the remainder.
My main concerns are:
1.Why would an astute businessman like Goyder sell 10M shares unless he anticipated a share price fall? Surely he would keep his shares if the pending news on results was positive. My guess is the drilling at Julimar has been mostly lower grade and they didn’t see anything when they drilled through the base of the intrusion. They would have at least some idea of the SQUID and DHEM by now too.
2.There is no doubt the current share price has a FOMO mentality built into it. I have no idea what that proportion equates to. Maybe that is where charting comes into play? All this talk of inverted hammers, triangles and bullish harami is beyond me.
I’m looking to re-enter if the price drops as I see CHN as a quality stock. I would have loved to have stayed the journey but there are too many warning signs for me at the moment.
Maybe someone more optimistic can put a different spin on all of this?
Sentiment chosen as Hold as it reflects my overall opinion. I would probably buy more if I liked things higher risk.
(20min delay)