GREY:MLKKF - Post by User
Post by
bjorn3d2bon Aug 06, 2009 6:47pm
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Post# 16197842
THIS IS IT!!!
THIS IS IT!!!Fundamentals and Chart Confirm the buyers with depth have arrived
ML shares are back as a winner now that it seems obvious that they can deal with its debt holders without default. Cash flow is going to be awesome so at 2 bucks STUPID CHEAP! Less volume today but still up in a less than inspiring day on the TSX. I think these buyers see the very attractive upside here with increasingly less risk and will hold for a much fairer value and not flip flip flip>>>
I am encouraged by the strong performance of the management to bring this mine to its full potential and they are very close to being complete. Yes, there have been serious set backs along the way but they have hung in there and now are in position to take advantage of the recovering world wide demand for copper and molybdenum. It has been a tough ride BUT now is the time to benefit from the disaster that we all saw in this stock's share price to knock it down to where reason departed for a while $.35??? They raised money at the toughest of times to keep it going but as a result we have benefited by awesome liquidity and have been working through the dilutions and now we are near a new high.
From a technical point of view I am delighted by the formation. Everybody knew at $2.10 we would stop for a pause as we have been twice at $2.10 in the last 3 months and failed. The subsequent correction was severe as all that stock had to liquidate for whatever reasons. (Debt concerns risk etc. Stick to the big caps?) Almost down to a buck??? Then a nice reversal and a powerful move back up to the $1.60's in early July. Then a powerful boost to $1.70's mid July followed by another steep correction at the end ofJuly to the 1.65 major support line with a volume spike and a close well off it's low of the day (almost a good solid hammer) putting in a much higher low. Confirmed the next day by a sizeable gap higher to $1.77 and up and away from there to our breakout on August 5 above the $2 bogeyman.
ON a miserable day on the TSX everywhere ML broke to a new high intraday (which means deep pockets are there) and still closed higher on the day having not even threatening the $2 breakout.ThAT IS BULLISH!!!
Testing the breakout is what it is all about now but my guess is that the deep pockets arrived today to take advantage of the negative market sentiment and where willing to be aggressive because they see the true value of the stock as well above $4 and they love DOUBLES especially when they are easy.....
IMO Continue to Hold