Volume at lower levels has officially dried up. Test of the 215 area again yesterday but bears showed no conviction. Looks like the 215-220 area support is a goer. They gave it a good crack the previous day with a small hit at 214.
Why would the bears have no conviction. Well PLS just banked $560 000 000 AUD. Next quarter, more than likely higher. Demand ramping up in H2 with the macro fears hardly putting a dent in sales, if at all. Demand being constrained by lack of supply. I see investors will look for extreme undervaluation's and cash cows at some stage. Cash in the bank is losing value by the day also and history says they won't keep it there for too long. Human nature will take over. This disruption is now in second gear. It's a 10 speed transmission.
Price settled on the 21 SMA yesterday as buyers moved in for the post close auction. We may see some short covering here and I expect the price to penetrate the green moving averages today. I'm thinking a run back to 250 over the next week, a small pause and then a push higher. The GS candle with a gap to close above that. Getting ahead of myself here, so patience grasshoppers. IMO and DYOR obviously. Macro events still to contend with.
PLS chart, page-6976
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Last
$2.86 |
Change
-0.200(6.54%) |
Mkt cap ! $8.608B | |||
| Open | High | Low | Value | Volume |
| $2.95 | $2.96 | $2.85 | $61.44M | 21.18M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 31 | 163532 | $2.86 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.87 | 44591 | 3 |
View Market Depth
| Last trade - 16.10pm 02/08/2024 (20 minute delay) ? |
| PLS (ASX) Chart |