Comments: PAL approaching significant support as it becomes increasingly oversold. Unfortunately, although this company is a producer that is increasing its production profile, this coming is not making money, which raises a question mark in this environment of high metal prices. In all fairness, metal byproduct prices have fallen a fair amount recently, which must also be weighing on the stock. PAL investors are currently also awaiting the pricing of a US$100 million secondary offering.Nevertheless, there is strong lateral support between $4 and $5, and with daily volume reaching over 460% of average 90-day volume on Tuesday, a washout bottom may be getting very near (keep in mind the above chart is the weekly chart, so volume will not be fully reflected until the end of the week).
1 comment:
It absolutely defies logic. Platinum and palladium rallied big time together with gold and silver. There is absolutely no good reason for PAL to drop 14%, after it already dropped 10% yesterday.
Read this to understand palladium: Why there is a palladium super bull cycle.
The only explanation I could find is that wall street crooks are pushing this stock way much lower so they can load up cheap shares. There is no other explanation why when platinum and palladium are at or near all time high, the metal producer PAL should be at multi-year low.
As an evidence I placed a small order of 1K today at the bid. Even though the ask is at least 20 times bigger than my bid, the second I place my bid they raised the ask to just two cents above me. I raise my bid again, and the 20K on the ask side promptly raised again, too. I ended up chasing more than 5 cents, and finally had to use a market order to get my purchase filled.
If that is not manipulation, what is? People need to buy while the price is ridiculously low.
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