What makes it hard for me to believe the ASN story and I was starting to just b4 the cr as bought it the day b4 the raise, is if the resources and all else is so good, then why didnt they do a cr like WCN did today a small premium? Now I am not comparing the two companies in any other way shape or form, just the cap raise, which was a small raise at a 9% discount or whatever it was, if the raise was a huge eg enough to get them through for a longer period, I would have understood a bit of a discount. In saying that I am not totally unconvinced like some, but this raised some flags for me.
Can price action hold here? no idea, maybe a long term consolidation before the market makes up its mind is my guess. I squint and examine the chart hard and see, nothing of a bullish signal at this point. OBV which is an indicator used for accumulation / distribution still seems to be showing distribution rather than anyone loading up. OBV is shown at the bottom of this chart.
