Price action
posted on
Mar 01, 2011 01:19PM
From my perspective, the trading is still supportive of a buyout coming. Very little sold at market, heavy resistance at 68 technically and on level 2 yet we keep seeing buying at 67. If we break 69, the chart is a screaming buy and traders would jump all over this. That is most likely why someone seems to be capping the price at 68. I wanted to buy more and was hoping for a pull back but gave up this morning and paid 67. If we get a pull back then my loss but the way I read it, a pull back to the 63 level seems highly unlikely in the present time.
Gold just set a new high today which is great timing for us as this may play a role in us rejecting the first offer and demanding a fair value. Many people seem to have different ideas what fair value is but I have to agree with Positive Carry here, $1.20-1.30 I think would probably do it for enough shareholders for them to get control. I just hope we get some strong support to reject any deal below this.
Glorieux