Shares of Timminco limited (TSX: T.TIM, Stock Forum) gave back a nickel or 1.88% to trade at $2.61 Tuesday. The company’s shares had soared on Monday following the October 16 update issued by the company about its solar grade silicon operations.
Timminco said it shipped 103 metric tons of solar grade silicon during the third quarter.
The discussion on the board centered around forecasts for the short-term share price changes.
“The start to the last run-up was because of news about a new process of creating silicon crystals of extremely high grade,” wrote lochalsh. “This started a frenzy. They never were able to produce the high grade stuff. So my question is, What has changed (other then starting the third line) that makes people believe that this will zoom to $30+ again? I not saying that it would appreciate in price however I don't think it will approach the old highs for a long time or am I missing something?”
The others appeared to agrre with lochalsh.
“Short term [it] may drop back to 1.60-1.75. Market always overshoots and under-shoots reality. Fundamentals and expected earnings will dictate the price ultimately,” advised Ghost11. We trade daily but sell same day. Miss some upside but safer.”
Whereas Challenger426 predicted: “The 15 minute day chart shows a possible bottom as the MACD is reversing at around $2.35. I'm not sure if this bottom will hold or how high this reversal will take TIM but there could be an entry opportunity here.”
