Several Brokers yesterday had sells on 29M, and the market expects the company will need to do a capital raising, so the shorters
are having a party.
Production numbers looked ordinary so unfortunately the market is crushing the share price.
I don't know where the floor is on this stock, and when a stock is on freefall its best to stay out and on the sidelines.
There will definately be a bounce, but caution on catching falling knives, its a destructive way of losing capital quickly.
I think 29M will be a buy at some stage, but until they raise money, and quickly, the shorters at this low sentiment will drive the price lower.
Caution is the best policy, I lost thousands years ago on a stock called Atlas Iron - AGO was a darling at $4 and crashed to 4 cents.....Unfortunately
the market is too bearish at moment on 29M
Good luck to all, Brokers are seeking a capital raising so I will wait until that occurs before dipping into 29M, just my opinion.
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Last
37.5¢ |
Change
0.025(7.14%) |
Mkt cap ! $263.1M |
Open | High | Low | Value | Volume |
36.5¢ | 38.5¢ | 36.3¢ | $611.6K | 1.642M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
4 | 26454 | 37.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
38.5¢ | 104452 | 8 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
3 | 13142 | 0.370 |
2 | 10055 | 0.360 |
2 | 58169 | 0.355 |
3 | 183537 | 0.350 |
2 | 50000 | 0.345 |
Price($) | Vol. | No. |
---|---|---|
0.385 | 48511 | 3 |
0.390 | 90000 | 2 |
0.395 | 170000 | 1 |
0.400 | 8911 | 1 |
0.420 | 61770 | 3 |
Last trade - 16.10pm 09/08/2024 (20 minute delay) ? |
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29M (ASX) Chart |