Disclosure: I have a core holding in IDC which I'm planning to keep as a long term investment.
From a technical perspective we tried to retest the recent high today but in the end got nowhere near and actually went backwards. The price action looked weak to me, evidenced with a bearish candlestick formation despite a nice jump in POG. This could be fuel enough for traders to exit positions in the short term at least, especially if the POG takes a breather.
Am also mindful of the 'completion of capital raising ann.' dated 7th August which reads;
'Indochine Mining Limited is pleased to announce the successful capital raising of $ 3 million via private placement of 38 million new IDC shares at $0.08 per share with institutional and sophisticated investors. The shares are expected to be allotted on Tuesday, 13 August 2013.'
i.e. beginning tomorrow we could see an interesting week ahead should any of these players decide to cash in some of their allotments at a healthy profit.
Good luck whatever your position.
Note: My opinion and analysis is mine only and in no way am I offering advice of any kind. Please DYOR.
IDC Price at posting:
9.0¢ Sentiment: ST Sell Disclosure: Held
