RE: THE most f'up chart in my portfolio Actually maybe this is the case for QMI...
$4,40 was tested in December/January and support held using the old low of $3,30ish before the nice run to $8. This almost $5 or 2x run was done with a buyer in the wings fenzied story. Volume stepped in at this support and given where QMI was and is headed this should have been the start of a new move back to the high. But, no, now we are a miner with no shaft, so all the gaps are closed first by a trading computer and weak longs. The computer and money decides to hammer the s&!# out of QMI and accomplishes this retrenchment into the abyss on no volume. The fall happened early/mid March piercing $4,40 with a subsequent attempt and failure at $4,50... hammer time and now here QMI sits.
First step is a move into $4 and $4,40. However if I am a buyer and a major this is where I take Queenstons 7+M ozs. Q still has at least 7M ozs proven yet to be reported and if you project 20M ozs is arguable.
Q is stating mining in 2016, the will to mine is only as great as the ability to raise the funds and that is why 2016 is the chosen date. Q could be in the ground Q3 2013 if it had the will. The story is playing out and the buyers are lining up.
Valuation $400/oz x 7M oz = 2.8B or $34 / QMI share with 83M shares outstanding
Valuation in December 2014 $500/oz x 20M oz = $10B or $67 / QMI share with 150M shares outstanding
I think any miner buying Q for $34 per share leads the mining community into the next run beyond US$2K. If ABX offered 0.925 ABX for 1 QMI this would be a great long term deal. I am uncertain how a x.xx AEM for 1 QMI might look but they might want to take KGI.
FWIW, QMI and KGI have been specially targeted and hammered down for takeout purposes.
Your QMI chart is all F'up because it is too easy to manipulate and the deal to sell happens before QMI reaches the old high. Here is to ABX turning up the heat on AEM, KGI and QMI.