Discussion in 'Stocks & Derivatives' started by 1for1, May 17, 2020.
Looks horrible. On low vol too.
We may have some light at last. With the emphasis on "may". We've got a green candle with a top wick higher than the two previous red candles, I would've liked to have seen the body of the candle above the 28.5c mark though which would've put it higher than that red candle about a week or so ago.
Maybe if you're playing trades you'd buy in now and look to sell in the 43 - 46c range if a correction looks like happening there. And then wait for the next drop. If it happens.
Doesn’t look like ‘breakout’ volume but who knows what the tea leaves throw out tomorrow!
This looks better.
As @heartastack said not likely to be breakout volumes but signs are there of a reversal at least. Let's play with some fake money, @hardyakkagold has agreed to cough up some of his silver profits (to be confirmed) so we'll buy 4000 shares at $1200 not including brokerage. Target point is the 43c - 46c range if it looks like there's a pull back there. If no pullback indicated we'll hold and reassess once the price gets to that level.
Stop loss at 0.24c for a $240 loss for @hardyakkagold plus my fee.
I'm still waiting for confirmation from @hardyakkagold regarding his transfer of $1200 for 4000 shares of MKR, must be back on his ignored list.
Anyway, just ticking along. Gunna move the stop loss up to 0.27 for no other reason than that's the bottom of the first green candle in this latest upward trend. Has anyone here actually checked the fundamentals of this mob?
All going to plan. Stop loss now at buy in price of 0.30c, 2 days of solid price rises, may be a correction tomorrow, but I don't think it'll drop 13%.
Maybe scrap that correction, ASX announcement.
So, digging in to some fundamentals on Manuka. I really can't do the geological stuff (or CBF trying to and failing miserably at the moment), but putting that aside. Things that I remember from doing some research:
1. MKR is focussed on gold production until the end of 2021 to earn revenue and pay down debt.
2. Silver processing expected to commence in Q1/Q2 2022 refining ore on hand. Production costs are expected to be 50% for the time being as the ore is just sitting there in stockpiles with just the crows and wombats keeping it company.
3. Management team has experience in finance/hedging precious metals markets.
4. Institutions own just 2.1% of the total shares.
5. Largest shareholder is a private finance company whose management team holds positions on the admin of Manuka.
Price at close: 0.34
I bought in again in the 25-30c range with MKR, current price is over my average. Been a wild ride. The fundamentals of MKR are better now than when I first got in but the whole precious metals sector seems dead stock wise. Unless silver price drops a lot MKR should have no debt and 10-15M AUD in cash reserves by July 2022.
If silver price rises it is going to be a rocket stock, otherwise it will be meddling/poor. But I already knew that going in and made my bet on the silver price increasing. Which lately it's been doing the opposite so, looking not so good lol.
MKR latest announcement that they have found more gold than they estimated and even want to drill some more holes for gold at Mt Boppy. Looks likely silver production will get pushed back a couple more months at this pace but at least its for a good reason I guess.
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