ChartWatch
Santos Ltd (ASX: STO)
Jilted, Santos shareholders are wondering what could have beenThere really wasn't anything in the technicals to suggest today's drop was coming. As good as technical analysis is, it's not a crystal ball! But, let's dust off the old ball and try and figure out where to next for Santos.
Big black candles are never a good look. They indicate a rush to the door, with plenty of shareholders desperate to get out and few cash owners brave enough to fish for a bottom. The downward pointing shadow on today's Santos candle provides a sliver of hope, though, that at least a few investors were prepared to punt on a low.
The trough low of $7.41 set on 11 January held on a closing basis today (today's close was $7.41), and this is another small bonus. Past points of demand should act as future points of demand and at least this has occurred so far.
Tomorrow's candle is now crucial. A continuation sell off would demonstrate the supply-side has grasped control of the Santos price and this could facilitate further declines. A large white bodied candle, or one with a long downward pointing shadow would indicate the selling is done, and the demand-side has stepped back in.
For the most part, the Santos chart is largely sideways, so the next candle may be moot. The trading range between $6.70 and $8.10 looks well-entrenched here.
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Last
$7.86 |
Change
0.160(2.08%) |
Mkt cap ! $25.52B |
Open | High | Low | Value | Volume |
$7.76 | $7.86 | $7.73 | $60.91M | 7.779M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
4 | 89574 | $7.84 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$7.86 | 1789 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 719 | 7.780 |
2 | 2290 | 7.750 |
1 | 5000 | 7.710 |
5 | 17679 | 7.700 |
2 | 4067 | 7.670 |
Price($) | Vol. | No. |
---|---|---|
7.870 | 18792 | 7 |
7.880 | 17354 | 6 |
7.890 | 10079 | 2 |
7.900 | 36791 | 22 |
7.910 | 21101 | 3 |
Last trade - 16.10pm 10/05/2024 (20 minute delay) ? |
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Last
$7.85 |
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Change
0.160 ( 2.17 %) |
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Open | High | Low | Volume | ||
$7.75 | $7.85 | $7.73 | 1219814 | ||
Last updated 15.59pm 10/05/2024 ? |
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