I'm just speculating here but it looks to me like the recent accumulation and increasing volume is showing that there is a lot more buying volume than selling volume which after 5 months of serious decline I think we have seen the bottom on the 5th of Sept which was the same time of the nearest iron ore low of around $86 which since then the iron ore price has rallied more than 20% to over $100 per tonne again. For IMD 11 out of the last 12 days we're up on steadily rising volume. We're back above the 50dma after 4 months of being under it. A bit extended above the 10 dma so I have a starting position and would expect this to pull back for a shake out to the 10dma so I'm being careful around here. It's good value EBIT/EV yield of 15.5% PE 7 eps up 52% Rev up 32% reasonable cash flow low debt and a 50% return on capital, it copped a flogging the other day when the market realized Iron ore prices had dropped 50% in the last year or so, I don't know who to believe Roger Montgomery who thinks Iron ore prices will drop much further or Twiggy Forrest who thinks they'll hold above $100. Anyway IMD is exposed to a lot of other minerals that are doing well also like Gold up 8% in the last month , Silver up 18% and copper up 10%... plus if this is the start of some institution building a position it usually takes about 3 to 6 months to get what they need depending on their desired position size this can push the share higher week after week then you can bet they'll bring out a report telling everyone how good it is then probably sneakily try to sell.
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I'm just speculating here but it looks to me like the recent...
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Last
$2.13 |
Change
0.040(1.91%) |
Mkt cap ! $1.090B |
Open | High | Low | Value | Volume |
$2.13 | $2.17 | $2.12 | $1.890M | 884.6K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 4112 | $2.12 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$2.15 | 4112 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 4112 | 2.120 |
2 | 6623 | 2.110 |
1 | 2016 | 2.090 |
4 | 8347 | 2.080 |
1 | 2016 | 2.070 |
Price($) | Vol. | No. |
---|---|---|
2.150 | 4112 | 1 |
2.160 | 6128 | 2 |
2.170 | 2016 | 1 |
2.180 | 1941 | 1 |
2.190 | 1941 | 1 |
Last trade - 16.10pm 14/08/2024 (20 minute delay) ? |
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IMD (ASX) Chart |