My Good Friend COLCOM - Never regret taking profit; looking at the resistance line as a psychological turning point it can go both ways with the buyers driving down the price.
Looking at the future potential and long term profit I would get back in at 3.9/4 and hold until 8c. With a company like this it can move quickly on announcements and sophisticated investor interest. Also market forces like you suggest have their day.
For example: When oil is down in Singapore(production) it usually effects prices here. The same goes for cap investment into Australian Resources. Asian money is looking for solid performing companies to stabilize their portfolios. The major owner of Tamani is Asian; case in point.
From my friends in Asia ABM is picking up allot of interest. As you know I have been recommending a strong commitment to ABM: The Main Factors are:
I predicate that a strong announcement followed by market confidence will race ABU for new highs like fnt. I've heard rumors that it will show targets above the speculation of 5mil+ ounces.
Because of conditions expect possibly more short term pull backs so keep getting more tickets. This is one of a number of stocks that will give you a solid performance for 2011.
Lake Mackay is going to be a feather in the cap that could push it to extreme growth rates; though I would invest purely on Twin Bonanza.
Kind Regards
ABU Price at posting:
4.0¢ Sentiment: Buy Disclosure: Held
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