Thomo, From a TA perspective I agree. There does seam to be support at 2.7 - 2.8c. However, if this does prove to be a pump and dump then those buy orders could be easily withdrawn triggering a capitulation back down to circa 2.5c. It's the volatility that concerns me. I would suspect that if the rise was based on an overall improvement in sentiment then it would be sustained and less volatile. Furthermore, this rise would be mirrored on the TSX which to date has been immobile. There is nothing in the fundamentals other than sentiment that could justify the sp increase. If of course this last round of price action is nothing more than trading manipulation ( which I personally suspect) then we will back circa 2.5c sooner rather than later. Of course I am more than happy to be wrong.
It's interesting to note that commsec and nab use nearly identical charting software. We are both looking at the same picture.
MMC Price at posting:
2.9¢ Sentiment: Hold Disclosure: Held
