CNMC had a huge gap down, the stock showed some kind of weakness before it went halt and I knew it before it happened. Today what we see is the stock being sold down from a high of 0.61 to a low of 0.36 but these are all obvious selling that everybody can see. Only July 7th when the stock was at it's all time high, that's where the hidden selling occurred and back in my private forum, I was asked if the stock was still strong and my straight forward answer is no! See the above attached pictures.
In fact, I had been covering CNMC on my blog and warned of a bearish signs pointing towards a sell down. See my posts below. I hope no one suffered this sell down and I am happy that my students stayed out and more importantly made $ out of it.
http://stockmarketmindgames.blogspot.sg/2016/07/cnmc-goldmine-gold-digger.html
http://stockmarketmindgames.blogspot.sg/2016/07/cnmc-goldmine-short-covering-then.html
REVIEW OF APPLICATION FOR LARGE SCALE OPERATION STATUS
The board of directors (the “Board”) of CNMC Goldmine Holdings Limited (“CNMC” or the
“Company”) wishes to announce that the Company’s Sokor gold field project (“Sokor”) received
a letter on 19 July 2016 from the Kelantan State Lands and Mines Office (“PTG”) of Malaysia
requesting the Company to temporarily stop all works and operation at Sokor.
The temporary order was made in connection with the State Government’s review of the
Company’s application for Large Scale Operation status, which will allow for the mining of
unlimited amounts of ore from Sokor.
Together with the Kelantan State Economic Development Corporation (“KSEDC”), CNMC’s
joint-venture partner in the Sokor project, the Company has since been working closely with
PTG and other relevant authorities in Kelantan to ensure it meets all the regulatory
requirements for Large Scale Operation status. The Company and KSEDC will meet PTG and
other relevant authorities in Kelantan next week to discuss the application for the Large Scale
Operation status.
In view of the above, the Board is of the opinion that the temporary stop-work order should be
lifted in due course and will keep shareholders informed accordingly.
Shareholders and potential investors are advised to exercise caution when dealing in the
shares of the Company. When in doubt, they should seek independent advice from their
stockbrokers, bank managers, solicitors, accountants or other professional advisers.
news source: http://sgx.com/wps/portal/sgxweb/home/company_disclosure/company_announcements
Ronald K - Market Psychologist - A Stock Market Opportunist
