And those numbers are good enough for a mine one might suppose.
After the longest time holding the 1 dollar area....PMI starts to fall like every miner....and the target area should be .70-.80 to buy....but in this climate , a stink bid at .60 might be nice. maybe .65 cents where the 200 MA is . a nice target.
Its been 2 weeks since anything was posted on PMI....but its an interesting junior miner to be watching.
You can look at the chart. Casey Research likes this miner alot.
and these recent days of miner price destruction all over the sector......PMI has showed quite impressive strength in holding its high zone.
But the last day or two has started to show a few cracks in the armor.....and on a technical elliott wave viewpoint..... I am seeing what could be ( remember its always a guess) .... what could be the ongoing down wave structure developing slowly as a completed wave 1 and wave 2, small waves, BUT the next one to develop is a big move ,it should be Down, and should finally be the breakdown to retest the MA around 68 cents....where PMI becomes a bargain to buy.(in this context)
I see 2 wave structure s playing out possible.
1) IF we see in the next few days, PMI slide up toward the 1 dollar area BUT FAIL there, or fail around 90 cents, anywhere it fails......and begins to sell off hard for any reason that triggers it......like almost every other miner has done this winter,except PMI, maybe now, or soon, ...is PMI's turn to plunge.
The 200 MA is at 68 cents....there is a huge Gap to fill that has a bottom around 65 cents...... and a drop of 33 % from the 95 cent area is 65 cent area. I dont mind buying a good junior ,with good fundamentals that popped to 1.40, based a little at 1.20 ....and maybe catch a bid at half price now ,upon panic selling .
2) IF we see PMI spend another several days sliding along up to the 1.07 area ,taking longer to slide along, and THEN Fails around 1.07 area .....(which completes a wave 4 structure) THEN we might see the wave 5 going down,over another weeks time....and a target that could be somewhat higher than 68 cents....maybe 70-75 cent area or lower.
So I'm seeing a plunging move down in a day or two .....or a sideways upward slide,lasting the next week or so , and then a decline into the Gap. to target the MA around 70 cents.
a bargain at .65 I should think.
This looks like a good miner to place a stink bid in now....to buy around the 65 cent area.
But of course you gotta do your own Due Dil