Many have asked who is selling but for every seller there is a buyer, so who is buying?
For what its worth, here's my theory on the recent price drop.
The share price was fluctuating around 12 cents for some months whilst the details of the capital raising were being finalised. I suspect that there may have been some short term holders hoping for a price rise once the details of the capital raising were finalised and one significant risk was removed.
As the share price didn't go up, some sold resulting in the price heading towards 10 cents. Further, some shareholders may have opted to sell shares to buy the notes seeing them as better value when the share price was above 10 cents. Once ten cents was broken, it triggered stop losses for many with short term views. The velocity of the price drop attracted other short term traders who have traded in and out once stop losses were triggered - as some have posted here that they have bought and sold.
Meanwhile, most long term holders have continued to hold because they either see thier investment as a fraction of what it used to be that they may as well hold and see what happens, or, still believe in the funamentals that this could be a 150,000 oz producer that will be worth many times its current market cap once it starts production - and the latter group may have even averaged down and bought some more (I topped up a little in the 7's and am tempted to do so again in the 5's).
In short, I think much of the volume has been as a result of those with a short term view buying and selling and trying to pick the bottom, which I hope we have now hit.
NMG Price at posting:
6.0¢ Sentiment: Buy Disclosure: Held
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