It is the stock market, shares dont move in a straight line. Remember, this stock was at 22c not all that long ago so those that bought it then have doubled their money in 2 months. Not surprising to see profit taking. Also, this stock is a big trading stock for the day traders so it's not surprising to see it ease off in the arvo.
"Markets can remain irrational longer than you can remain solvent"
Fair value will be realised in this stock at some point, when this happens though is anyones guess. We do have some pretty could catalyts on approach though so I'd say it is going to be sooner rather than later.
I would also suggest that those who like the story and expect the re-rating to come this calendar year (myself included), extra leverage can be gained by purchasing MLXO, an option expiring at the end of this year with an exercise price of 20c. They are currently trading with no time value attached and given what lies ahead in the next 6 months, I see these as a great opportunity with slightly higher risk. (Disclaimer, I own these as well as the fully paids)
MLX Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
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