I think we will get fluctuation for the first 30 to 45 minutes. The reason is that there are a large number of short positions outstanding - which traders are going to have to cover.
I can't see yesterday's short sellers report yet (http://www.asx.com.au/data/shortsell.txt) but from the 8th alone there were nearly 13M short sells.
Traders have the choice to try and further short sell to try and dip the price for a short while then clear their positions before the price comes back up or just bite the bullet and clear the positions very early.
The way it is looking at the moment there is growing bullish weight now set for a gap open @ $1.315 for 1.1M shares.
Anyway the quick answer to your question is yes I think the price will jiggle around until at least 1030 - 1045 before settling into a trend which should be well and truly upwards with all the positive news
short term trading - nov #1, page-25
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Last
$6.06 |
Change
0.140(2.36%) |
Mkt cap ! $5.664B | |||
| Open | High | Low | Value | Volume |
| $6.02 | $6.12 | $5.97 | $11.52M | 1.904M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 12791 | $6.04 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $6.07 | 13019 | 2 |
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| Last trade - 16.10pm 09/08/2024 (20 minute delay) ? |
| LYC (ASX) Chart |