This is the closing today - even making allowances for the recent shorting episodes the SP progress is still a bit of a grind with a seemingly steady supply of sellers and as you can see two unsuccessful attempts so far to break through gap resistance at 63.5 cents. That is the immediate challenge and to illustrate the problem I have highlighted the possible supply sitting around and above the gap from the preceding down leg from July 19 to the July 29th 4C.
So the next few days will be important to see when (rather than if) the gap will be bridged and then whether any conjecture about supply overhang is real or not. Bridging the gap could bring in a lot of sidelined potential buyers.
Daily COB Sept 26th
AJX Price at posting:
61.5¢ Sentiment: Buy Disclosure: Held
