OceanaGold: good news from the mine

[elZorro]

.......starting to look a little stronger in Oz now?

Yes, I'm unsure why that would be, but gold has gone up, and it should take OGC with it. The price is still below that all-important A$2.60 that the shorter was quoting.

I'm keeping an eye on Conquest Mining. Look at this press release today: Their Mt Carlton mine is likely to be funded by a bank loan or consortium loan, because the project stacks up so well. This means there is no need for further equity capital raising from shareholders.

What a shame then, that OGC didn't try that option for Dipipio. OGC's shares get diluted, while CQT's shares are left alone. CQT went up 6% in an hour today.

[GR8DAY]

.....wow Oz taking off (up 7.4% as I write).......NZ not far behind. Looks like I might have "dipped my toe" at just the right time.....might go up to my ankle now. Maybe this sleeping laggard has woken again from its slumber??

[elZorro]

.....wow Oz taking off (up 7.4% as I write).......NZ not far behind. Looks like I might have "dipped my toe" at just the right time.....might go up to my ankle now. Maybe this sleeping laggard has woken again from its slumber??

Gr8day, you do have the jammiest timing, from what I've seen. Now if I wasn't listening to Phaedrus so well, I'd have averaged down a lot more the other day, but I couldn't break Minor Axiom XV. "never try to save a bad investment by averaging down". What happens if you're fairly sure it's not a bad investment though? Hmm.

[gonzo56]

Youv'e got to remember that Phaedrus focuses on the general trend. So yes OGC may still be in a downtrend, but that doesn't mean it wont bounce up and down within its bollingerband range.
I too tried to put an buy order in on Tue for $3, but when the market opened that sell was taken away and the next one up was $3.19. Congrats to the people whom bought on Monday at 2.97-3.00, quick profit!

[GR8DAY]

LOL m8......I don't always get 'em right. I do look at charts but not in any great depth......just too damn confusing for this simple Irish brain! However if there has been a long running downtrend on an otherwise perfectly fine co. you've gotta take a harder look at it........and ACT accordingly.......seems to work for me most of the time!

[elZorro]

Well you do get OGC right more often than me, so I bow at your feet Gr8Day. The interesting thing about OGC now is, will it breach CAD$2.60 if gold moves up from here? Are the shorting interests still at play?
Very low traffic on the TSX for Oceanagold, retail interest is muted after the hammering over there in earlier weeks.

[Vtrader]

$850K traded on NZX today, EZ are you topping up, or averaging down?
V.

[Silverlight]

V, 241k of the 267k were international crossings reported here this morning, for broker market share purposes.

Only 26k of real trades today

[elZorro]

Many thanks for the clarification Silverlight. I always imagine you sitting in a room full of large computer screens..
V: 1/20th of the real sales might have been me trying to get the first cheap shares and paying a bit more, but they were still below my average cost. So technically I did average down a small amount. I will have to do pennance for that I suppose.

And now we wait for good news, the AGM, or gold to go up

[Hoop]

Update from my #629 post 20 April 2011
My Quote "......If the H&S pattern formation is false and fails to form the share may fall below 2,45 and possibly gap down and test the bottom at the 2.20 area...."

I think I've got the hang of the behaviour with this share now..OGC.ax is a complex TA beast. The chart below may still confuse some but I made it less complicated leaving out much of my last charts lines and that failed inverted H&S formation. Bottoms are often formed during a completed inverted H&S formation and observing the latest formation failure was bad news and the share fell back to the 2.20 marking a lower low.

As with all complexities it is easy to stand too close to the mirror in a crowded room and only see yourself. Standing back here, one discovers that the crowd are using a bear market strategy.
Using the Bear "rule of thumb" that corrections (sucker Rallies) never rise above the previous rally...you can see that investors bail out of the rally to the optimists causing the typical "blow offs" The orange arrows shows this.

Zurich Axiom Rule 2.. On Greed...Always take your profits too soon. Decide in advance what gain you want from a venture, and when you get it, get out. Rule 2 is a bit out of date now with TA indicators overuling...however its still a very potent rule in risky situations and trading in a bear market share is a large risk situation.

A conspiracy theory that a few are keeping the price down??...maybe but unlikely..more likely due to the Mr Market buying and selling in a bear market using its bear market strategies...

Where would Mr Market set his safe sell limits this time around ?? .....2.60 - 2.80 Max?
2.80 is a very important level and one should not ignore.

If Mr Market goes above 300 this time (a higher high) this would signal a weakening of this Cyclic Bear Market.

You may have noticed no volume on the first bear market rally...this can be explained.Its easy to see in hindsight that the Bear market had started but at that time Mr Market noted caution (the peak "blow off") but was not sure..as the waters were muddied so no Bear market Strategy was used.





Disc hold no OGC shares