Lonmin looks to be gearing up for an assault on 300p – ANOTHER SBM RIGHT CALL

Post from Tuesday –

We have been net buyers of Lonmin in recent months, believing the company’s assets to be very attractive to other players (and as evidenced by Glenstrata’s attempt to buy them on the cheap). I still wouldn’t discount a move by Aquarius or even Glasenberg again whilst the stock remains depressed and the Platinum price holds its current levels (and likely rises further given the supply shortages in the industry now)…

The stock was well bid on the order book this morning (if you don’t have Level 2 prices which is a MUST for serious spread bettors then take a look at www.ise-spreads.com that offers this for FREE) – particularly at the 290p level and I get the impression there’s a working institutional buyer today given the steasily rising VWAP.

Here’s a quick technical snippet that, to me, looks as if 300p+ is on the cards over the next few days.