SMM - Summit Resources

[Sean K]

Has SMM bounced off $2.25. Too early to tell, but positive sign.

 

[vert]

mmmm yes watching closely, missed getting on @$2 dont want to miss the next run, almost bought yesterday maybe should have but trying to be patient about entries , dont like riding things down after entry. some say this is going to $5

 

[Sean K]

Definate short term support at $2.25 - $2.30. This should form an even better support level for when/if it comes back down again.

Stochastics turned from oversold, moving up.

I didn't get a reply from the company about my dodgy request about the JORCs to be released shortly.

A waiting game.....

 

[Casual_Investor]

i think its short term support. If it retraces to around $2... it would defintely be a strong buy. Still risky to buy now... but then again it could never come back down and ill be

 

[Casual_Investor]

kennas tell us when u get in hehehe. I wanna get in too... but being patient.

Its obvious that everyone will be wanting to get in at around $2 to $2.10 which is why it will probably never get there.

 

[Sean K]

Finished up over 8%. Perhaps we have seen the last of $2.20s.

If general resources haven't crashed over the weekend, then I'll be back in Monday I think.

 

[Fab]

I agree with you Kennas. commodities price have to hold today to give some momentum to this resource bounce to give it some momentum

 

[Sean K]

I'm in a lucky position for the minute with SMM. I bought in at $1.50 and then sold half at $2.70, so I'm almost riding this for free at the moment. Buying back in under $2.50, if it stabilises, will be a good thing for me.

Still some significant upside with the JORCs due to be released. If they all have anything between 5 and 10m lbs U3O8 (say worst case 5), then that will take their total resources in the Mt Isa areas to over 100 m lbs inferred U3O8.

At the moment, if PDN do eventually take over VUL (still subject to court action by SMM) then SMM are going to have a very experienced JV partner in taking the IUJV (Valhalla and Skal) forward. With PDNs staffing, contacts, financing, then this is going to be a great thing for SMM, and SMM know this having stated so in their notices to shareholders regarding the litigation. Alternatively, if SMM win the court action against RSG/VUL, then they could end up having 100% of IUJV at a massive discount to it's current value. Still, all good.

They are in a win win situation no matter what. The only down side could be Labor leadership not following through on the no new mines policy change. Bombers reputation and credibility is on the line with this one, and with Ferguson's back up, it should get through. Here's hoping. Who knows what SMMs market cap could be if Labor change their policy!

 

[chicken]

Kennas...great write up by you...SMM support at $2.26....BOUGHT BACK IN AT $2.29....AND LOOK WHAT THE PRICE IS NOW...must buy more on monday as when the report comes out every man and his dog will look in buying....great swings here...good trading...as I said before..have we got another Poseiden on our hands here.???...I think we have...make your research...

 

[Sean K]

SMM back over $2.50 for the moment. I've picked up just a few more.

 

[Sean K]

$2.25 did prove to be a good support area. Up 10% atm. Maybe on the way back up. The U news today has obviously supported it. Lookin good.

 

[bigdog]

The U news means very little except being wishful.

There is no Government support prior to the next election - John Howard stated this today

The greens have stated their objections today also

This one is far from being over the line; in fact the news is years away!

IMHO

 

[dj_420]

i only ever invested in this stock based on fundamentals, not on wishful thinking. have you had a look at the deposits that SMM has and the exploration tennements.

fair enough a lot will ride on policy change, but pending policy change not every single uranium co in australia is going to profit. i think you will find that only stocks with sig deposit of 30 000 tonnes or more will be ever making it to mining stage.

this is why this company has run so well, people are starting to realise what this stock is worth. JORC should be coming soon.

in terms of retracement, i agree kennas, found very strong support at the 2.25 level, anyone wanting a 1.80 entry will be hard pressed to find it.

retrace to 2.25 then bounce back to 2.65.

 

[Sean K]

The U news means very little except being wishful.

There is no Government support prior to the next election - John Howard stated this today

The greens have stated their objections today also

This one is far from being over the line; in fact the news is years away!

IMHO

This is all great news. Labor are in a corner now and they will at least change their no new mines policy in April. When the State Gov's put it into legislation, companies like SMM will have all the environmental and other regulatory application ready to go. In a reasonable time for those applications to be considered, the State authorities will give the green light which will allow BFSs to be completed, submitted, and mine dev to begin. Due to the advanced nature of the understanding of the deposits here (esp the IUJV with PDN), and their size, SMM should be able to race through this stage, and will more than likely have some very big players knocking down their door to assist them, or take them over. PDN, RIO, BHP, Mega, China! take your pick. No one has ever said that SMM is going to start mining immediately after the laws are changed. You would not have any understanding of the industry or this company if you did.

 

[chicken]

Seller from the UK should just about sold all his shares should start to climb soon..maybe even today...

 

[Rafa]

pushing towards 2.80 now...

 

[Sean K]

Now trading at $2.87.

Quite an element of luck picking that $2.25 bottom, but I suppose the probabilities were there and perhaps it was a self fulfilling prophecy. I like it!

Heading on to all time highs perhaps. Seems to be breaking through some resistance at $2.80. Will be fantastic if it can hold above for the rest of the day. Will become a good springboard on to $3.00 ++.

And still none of the 6 x JORCs out yet. Awesome time for SMM punters.

 

[Sean K]

Failed to break through and hold above $2.85. Even more resistance there now.

Hopefully support at $2.75 ish holds.

 

[Sean K]

5 days later - good support forming around $2.75. Holding above this great for a jump from this area.

 

[constable]

I've been looking at this for the last week but i'd just like to see it make a move b4 i'd jump on. Although i came very close tonight but held back just waiting for the "second coming".