RE:Where is the bottom?I know reasons for the drop have been described as being due to: Noble share distribution, shorting, and sulphuric content; but (TO ME) the main reason for the drop is a reaction to the strategic investment not happening.
Investors seem to be taking the news of the strategic Inv backing out as a rejection of the project. It's interesting because this is a situation in which one of two things is happening: 1) The project has a flaw that we don't know about - or the Majors are ultimately not interested in this project; OR 2) This is entirely something on the end of the Strategic company that changed their circumstances -
and nothing has changed with the CNC project. Interest may be there - but the timing wasn't going to work.
This is either the time to sell and take profits (or prevent further loss) OR it is the BEST time to buy to lower your average.
Either way, my personal opinion is that this drop is the investment community viewing the strategic backing out of the deal as a generalized rejection of the CNC project by Major mining companies.
I am long in this company because I still haven't seen an answer to the question of "where is the nickel for North America going to come from?". This is the project that seems best to supply the nickel that is going to be needed.
Just My Opinion.