4fundamentals, in my opinion there are 3 types of ways a speculative stock normally trades and MLS does not in my opinion represent a Fibonacci (retrace / extension) model YET may change in to such ONLY after 12c is broken. MLS has a LT pattern which is 'diagonal' in nature, I am of the personal opinion that the resistance/support levels DO NOT flow horizontally BUT more so on a 30 degree scale (incline/decline). I believe that although MLS closed at 6.3c Friday we will likely see 5.6c Monday morning as 6c is a resistance level that does need 'high volume' to get through, which did not occur late last week. I say this because I know who did most of the damage Thursday/Friday!
Upon 6c being convincingly broken, which will likely come on trenching results rather that stating 'drilling is underway', 9c is the next key target. I anticipate MLS to be stabilised at 15c by mid-year (technically and fundamentally), likely with 8 completed holes, assuming positive results from 4.
In respect to crackpot, yes MLS has run +600% in a short period YET if the court case had not occurred the question is 'would have it held 6c' - I believe yes, with drilling or no drilling THUS 'are we merely not where we should be prior to drilling'?! I believe at this point in time we have merely met the price as to where we should be, in fact I believe given the prospective tenement the speculation itself has not yet been factored in. The reward in my personal opinion at the moment still 'far outweighs' the ST potential risk, this could be why parcels are still being bought.
Anyhow BUYING/SELLING is a personal decision BUT I do hope that many do not sell this short - profit to be taken off the table under 9c at this point is ludicrous, that being said 'I am a bull at heart'!
Lastly to wipeoff, I do agree the 'Big-O' is on the money!
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