Best to Canon in 08; what about this “superstar buy”?
This company has huge potential. With December�s pullback could now be a good entry point?
IGRU: Small Cap Breakout,� by Ken Matsumoto, Swing Trades (11/29/07)
IGRU: Some time ago, we made you aware of IGRU. Today we are updating you to the incredible breakout this stock is in. Let�s look at this trade from the Technical and Fundamental points of view:
Technical Analysis: The chart below shows a chart with a handsome breakout off an extended base. Note the low volatility and tight narrow range that ensued after the lows at .25. Thereafter you see the nice pick up in volatility along with volume as the stock broke out of its extended base. The stock is currently on its first retracement after the breakout on decreasing volume.
Fundamental Analysis: Previously, the company made the public aware of a potentially huge find of manganese deposit on their property (an estimated 30 to 50 million tons). According to some estimates, that computes into 2 to 3 billion in potential revenues for the company. ... Not all that exciting, but here is the good part. A technical consultant for Behre Dolbear (highly respected analyst in the mining industry) came out and said the property looks very similar to the ICOMI deposit mined by Bethlehem Steel on a nearby property. ... ICOMI is likely the biggest known manganese deposit find in the history of the universe. I may be exaggerating but it is likely the biggest find ever. In any case this translates into big bucks for the company.
Our Opinion: This stock is on a major breakout. ... The technicals are in line with the Fundamental developments with the company and we see a lot more upside to come. In our opinion we rate this a mega, two thumbs up, superstar buy of the century. This first retest of the breakout sets up an ideal time for an entry, with a short term target area of 3 - 5.