I liked iWMR because of its exposure to a rising nickel price ..... but the recent profit downgrade announcement and the company's ongoing problems at Olympic Dam have changed all that.
There has been some serious institutional selling in this stock and I was prepared to hold unless there was a serious close below $3.50 That happened the other day.
I took today's bounce as an opportunity to sell (at a small loss from my original purchase price) as I believe the stock has now entered a techincal downtrend that could see the price eventually around the $3.00 level.
The only reason I could justify for holding WMR at current levels was that it might be subject to a takeover bid.
A takeover bid might or might not happen.
I guess I finally decided that the risks outweighed the potential rewards of hanging on and there were better opportunities.
Good luck to all those who continue to hold. I will watch WMR with interest as there may be a good entry point further down the track
