Great Finish to the Week
- I am surprised that some here are not happy with EDV's performance this week.
- To put it in perspective, EDV breached major resistance points this week, .97 being the most important.
- It was really good to see that .97 was not allowed to breach today on a weekly close which sets up the show for next week. I believe .97 will now act as strong support going forward.
- Next resistance level is the "stubborn" $1.10 - 1.16 level. Once breached on a weekly close, expect to see $1.50 in a hurry.
- So much for technicals... Fundamentally EDV 's "pathetically" low market cap makes no sense. Based on a peer to peer comaprison, EDV should be at approx $1.5 - 1.8 billion market cap, and when I say peers, I mean West Africa.
- Keep in mind, EDV now at 400,000 oz/ yr producer moves out of the "junior" category and to the "intermediate / senior" club. Expect EDV to be included into a totally new group of indices. That will bring in a whole lot of institutional buying.
- At this point in time, EDV has a lot of "penny stock" type traders/investors who need to be shaken out and the MMs are pretty good at that. So expect totally "illogical" moves like today, till MMs and Institutional investors have pretty much "weeded" out the cr#p.
- Reality is... EDV is now a "intermediate/senior" category gold producer and will start reflecting it in its market cap, in the not so distant future.
GLTA and have a great weekend.