Nice text book stuff Paschal.....
Lets hope the selling instos only want to retest the old lows and not make new ones!!
Some more stops (maybe they weren't) went off this am taking it to .695, then all the selling pressure was immediately lifted from the board......they're still playing games.....buyers are understandably reticent!
The lowest level will be dictated by the sellers agenda and time frame. But as I've said before, I think the sellers will be very mindful of crossing the ASX 200 admission/ejection MC barrier so as not to cause unwanted competition for buyers.
That MC admission/ejection barrier is a bit complicated.
Following is an excerpt from the ASX methodology for selection.....
Market Capitalization. The S&P/ASX indices only include securities that are considered to be institutionally investable, and market capitalization is a key criterion for stock selection. Stocks are included if they are large enough to meet the minimum ranking requirements for the representative indices within the Australian market.
The market capitalization criterion for stock inclusion is based upon the daily average market capitalization of a security over the last 6 months.
Just had a thought reading that.....perhaps the run up to .805 a couple of weeks ago was to "pick-up" the daily average MC!
The full methodology can be read at....
http://www2.standardandpoors.com/spf/pdf/index/SP_Australian_Indices_Methodology_Web.pdf
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