If one looks at the volume closer to the lower levels hit- .38-.50, there wasn’t much volume there.
Today not only was the raise well received closing at .555, but there was IMO further buying on behalf of instos and superfunds. IMO this is supported now. Today I think presents an opportunity for tax selling and rebuying positions- I think those were the big positions coming through.
If it were me holding right now, today I would have sold my position, crystallised a loss, then bought the position back.
Anyways I haven’t done much with my holdings recently but I’ve added MVF to my portfolio today at .545.
The balance sheet has been cleansed now so it could be a good opportunity to jump in.
I think shorts should be also looking at the action today and looking to close their over exposed positions. If this didn’t happen today then this could put upwards pressure on the SP.
If .52 is where “discounted value” is then where could “fair value” be? Something to think about.
Gltah and dyor
MVF Price at posting:
55.5¢ Sentiment: Buy Disclosure: Held
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