@OTC, wrong there buddy,
Have you seen the market depth 10c-15c. Its pathetically low offers on screen. $8k here and there
The offscreen seller that took it to 9.9c is long gone and got swiped up and the bids down here are way higher than offers until around 16c, this tells me there are loads of buyers offscreen and trying to get cheap shares around 10-11c but there is just no volume here at all.
The volume capture is at 15c-20c.
The chart action since the quarterly will disappoint RIM and these patient bidders as they were hoping for more of you to sell low but the selling volume didnt happen. On the contrary, the bidders stepped over each other and once seeing the sellers werent there, they were buying at 10.5c most of the day,
this is what I see:-
- offer 10-15c very very light onscreen
- opening auction went the other way and opened higher at 11.0c! what? not lower? that was a surprise
- closing bid 10.0c to closing offer of 11.0c, big gap and again signalling lack of sellers to buyers
- 10.5c was the buying range all day and it was pathetically low/small
- not many holders selling
- the quarterly proved debt and loan terms under control with friendly lender and production is ramping up as the mill is at record throughput, just add higher grade hey presto, production up 30%
- higher grade smarts 3 now being put through the mill
expect low volume sideways and then eventually these larger bidders will push this up to capture volume range way higher than here. That easy move to 12.0c recently shows this can be moved easily to the upside but not so much to the downside.
That signals a bottom formation pattern and the annual chart shows this.
Last year it was 38c in November. Can easily happen again with better results and better grade as smarts 3 starts to prove itself worthy over the next few months.
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