Have a look back at what the price has done every quarter.
It reaches a high and then retraces back to loanbook value.
I would expect price to test top of range again 19c-21.5c before having a test of supply levels at 16c.
For now watching for a test of current supply levels before markup begins. (Waiting to see a retracement on significantly small volume). Then we should see the start of the markup.
Ann: Commentary on Appendix 4C, page-14
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