The market awaits news of production. We've all been waiting for that with IMA. Promising resource base but nothing on production. With the grants of the 4 mining leases, we look to be a good step closer to production. However this won't run until we have definitive news/plans for production (IMO).
Market is getting smashed across the board - with IMA no exception. May be too early to call it, but today looks promising for a turn. Support is roughly at 4800 - which it looks to be holding (knock on wood). A strong fall below that and the next stop I see is roughly 4600 and we are in for more pain...
I've seen heavy accumulation since the ann regarding our acquisition of Iluka's 4 mining leases. But that's just what I see... IMa had been in a solid steady uptrend until just recently. The trend has definitely been broken. Support is definitely there at roughly the 40c mark. Upside better than downside at this point still.
I hold and wait (as always). Top up in the low 40s for me. Good luck all.
IMA Price at posting:
47.0¢ Sentiment: None Disclosure: Held
