share buyback, page-18

I think it's interesting to see the bids so strong without any sign of a continuation of the buyback.

The average trade volume over the past fortnight has been more than 1.5 mill which is more than double what it has been from 1/1/12 to 24/2/12. This suggests to me that interest is gradually picking up in UML.

It is also interesting that on a day in which gold was down substantially overnight (in both AUD and USD) and the XGD is down, UML is up (at the moment, still 5 hours until close). Perhaps this indicates that investors are beginning to see UML as a mid cost producer that is not dependent on a rising gold price (although obviously still dependent on a gold remaining at its current levels). After all it is still only trading at a slight premium to its NTA value.

As far as TA is concerned I am no expert, but the bid/offer ratio is extremely strong right now at more than 3:1. The 17c line has now been wiped. A close above 16c on the weekly chart would be extremely bullish and would suggest a breakout and possibly a new ST price target above 20c.