The grind lower continues as we now enter peak selling window for people looking to use ADN as a funding option to convert their options. Whilst the amount of head stock required to be sold to fund an option is substantially less than what it was a month ago, it can still create a level of overhang.
The price action couldn't sustain a move above the 15d MA, so now the next target for potential support comes in at the 30day MA - 12c. If it wants to get ugly it may overshoot and test the significant support level at 10c. I give this a low probability of occurring.
We all know the share price can turn on a dime with the right news dropping, but hey Iam just 'analyzing' what the squiggly lines are telling me.
FYI - interesting to see the price hit the 30d and bounce (for now).
ADN price action -
ADN CHART, page-3587
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Last
0.8¢ |
Change
0.000(0.00%) |
Mkt cap ! $27.14M | |||
| Open | High | Low | Value | Volume |
| 0.8¢ | 0.8¢ | 0.8¢ | $13.01K | 1.653M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 50 | 22348325 | 0.7¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 0.8¢ | 8394400 | 7 |
View Market Depth
| Last trade - 16.10pm 10/09/2024 (20 minute delay) ? |
| ADN (ASX) Chart |