Orchastrated end of day Auction, page-50

If someone was substantially trying to drive down the price they would be short selling. Achieves the purpose of pressuring the price and making money at the same time. But it isn't happening, the price is falling or more like drifting down anyway.

Just looking at the price action it looks to me that a lot of bot activity comes via Chi-x but also have to remember that  only about 10%, occasionally maybe 20%,  of the turnover comes via Chi-x, the rest is ASX. I think a lot of the bot activity is churn or scalping i.e. skimming small profits using intraday price movements and arbitrage trading  i.e.  taking advantage of dynamic price differences between the two exchanges. However there is real selling or buying going on via the bots as well as the instituitions add to or dispose of their holdings.

The bots keep churning away but it is market sentiment which really drives the price in the end. The bots may take advantage of it but when the buying kicked in after the May 23rd announcement, the market demonstrably took over and the bots probably made some money too, but sentiment prevailed.

Looking at the support levels in the proximity we have 53, 50 and 44 cents. Instincts suggest that this zone around 50-53 cents will provide fairly strong support. However with a few days left to the report and the mindset rather bearish  one can't be certain about how it will pan out.

I have added the weekly up to the close last night and the various support levels are obvious.

Weekly