getting hammered, page-12

Fundamentals unchanged. From the media release dated Dec 22nd,
- "For the 5 months to Nov, earnings in line with expectations".
- "Business is continuong to track to expectations".
- "The first phase of the monetisation process (Pacific National Coal business) has resulted in significant interest, reflecting the quality and strategic value of our businesses. This provides a solid platform for taking the process to the next stage.”

However, technical factors have contributed to selling over past 2 days (imo)
- Systematic BOT selling on Monday.
- Tech indicators such as Stochastic, RSI turning down from 'overbought' levels this arvo.
- 50% rise in SP since Dec 1st alone. (There will always be those willing to take profits, me included today)
- Intra day sellers taking control after initial higher 'open' (on both days).

150-155 will now act as strong resistance.
However, looking for buying support around previous support created in Dec, b/n 136-140. Increased volumes expected over next 3 days which will provide a clearer indication to SP move in the near term.