Momentum carries more weight than fundamentals for day to day price action and is hard to reverse. My take is that the retrace trend was broken last week as I called and although early days it certainly looks like momentum is shifting.
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I found it a fascinating day of trade Friday with sellers in the low 50's pretty well drying up and standing their ground in the upper half of the 50's. Very few shares changed hands which may start to frustrate the 1.3m buys lined up. Seems to me that the price will need to respond if people genuinely wish to get on board.
With a resource upgrade /LOM addition coming in the next week or two it seems a bit silly to be waiting for sub 50c shares but good luck to any hopefuls. Noone can predict short term moves or macro influences but it does seem like a nice little storm brewing. Time will tell.
TMT Price at posting:
55.0¢ Sentiment: Buy Disclosure: Held
