This week it's time to see how many buyers have been waiting on the sidelines for the right time to buy. Around three or four weeks ago there was discussion on HC about the seller with multiple orders of at least 4 x 750,000 shares at consecutive price levels which capped the sp at a time of rapidly rising fertiliser prices. When those orders were bought up and/or the rest cancelled, there was still significant selling around 14-15c. My guess is that may have been traders previously trapped or spooked by that earlier price cap. That cap would also almost certainly have put off many potential buyers. That cap is gone now and the stock closed at a record high on Friday. We will find out today and the rest of this week just how many buyers may have been waiting on the sidelines for this break out If NI has been waiting for momentum to build, I expect they will see that this week. The sp has got a lot of catch up to do to reflect the last few weeks of very sharp gains in the fertiliser prices with more gains forecast through at least the next 6 months. It should be a very good week ahead.
MNB Price at posting:
15.5¢ Sentiment: Buy Disclosure: Held
