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Yes the FOMO is always something you have to wrestle with, each have there own levels of patience or strategy.
Is a difficult call to put a firm valuation on current assets, but, potentially now with what we know about the existing JORC regarding the shallower, higher grades. it’s difficult, not to be confident the resource will be increased considerably looking at the signature from the IP stacks. Now with the added optionality that these shallower grades will increase potential for a very large open pit. It’s gearing up to be a very interesting phase in that respect, let alone any of other anomalous targets to explore.
Which is why I am confident of doubling my holding As my average is high in 5 it’s a great opportunity to average down to high 4’s. Quantity is king when it is potentially multiples of what it is at present when the compounding ‘effect’ kicks in.
Knowing when to sell is the hard part.
It's possible the support level is round about here now @ 3.30 -40 if you can back to 2017!
Fomo may cause you to get in early, but FOLO means you will always pay a higher price than needed.
You can always averge down but you can't average up.
A sound strategy there ntm. I’m waiting for a transfer into my SIPP that has been delayed due to me forgetting to cancel contributions into it. This oversight has been a stroke of luck as I’m sure I would have already had some trenches as price as been dropping. Until it lands in my account I would prefer to see a support level found before buying. Hope Lady Luck holds out on me.
they're - latest best guesses only howezap, alas :-) .. but one thing i do as a rule is to buy by smallish increment over days or weeks towards giving myself more error margin bandwidth.. eg if adding 10k back here I'd buy in clips of 1k and at spaced out time price intervals.. (and I'm comfortable to look to catch what I believe to be short term 'falling knifes' as a rule)
Prior to your post I had considered that this drop was just inline with what most other mining stocks are doing in my watchlist. And not necessarily company news related. Would tend agree with your reasoning behind mm’s activity to prize shares from ‘holders’
I did say that the other day. More staggered now, although still moving ask lower on minimal volume.
Ask: 3.4, 3.45, 3.5, 3.65, 3.7, 3.8, 4.1
Bid: 3.3, 3.3, 3.2, 3.15, 2.9, 2.75
Didn't you day the other day it was just 1 MM much lower than the rest?
Is that still the case?
Replying to my own post :)
Given how few shares have actually been sold in the last month or so despite the drop, I am now wondering if this is being forced down to try to free up shares. I've posted about some odd MM behaviour in the last week or two (mainly around the Ask being pushed down during periods of buying).
I've checked some other similar stocks and the XTR drop is exaggerated relative to the volume traded (almost 20% down in last five days with less than 2% of total shares sold (total volume 3.25%).
The MMs don't make money if no one is buying or selling, so maybe the fact that XTR shareholders seem keen to hold on to their shares is resulting in the MMs moving the price around more than normal to try to create liquidity. Anyway, that's what I am going to tell myself. Big drop is a positive indicator :)
I thought it might be worth comparing the recent fall in share price with the volume of trading. XTR was last at 5p on May 20th, about 5 weeks ago. Since then the total volume of shares traded has been 14.4% of the issued share capital.
When you consider that volume includes buys as well, the amount of shares sold is less than 10% of total shares held (perhaps less as some shares were probably traded more than once).
From that we can conclude that 90%+ shares have been retained by shareholders despite the 30% drop in price during that period, which is actually pretty encouraging. It certainly doesn't suggest any serious concerns about the company, but rather highlights a large price drop without any significant selling volume.
BTW since the price was 4.5 on June 3rd, the volume traded is less than 7%, including buys.