Oh boy, this isn’t going to be popular! You setting me up?
Look there is but not all that strong. From early November, the SP broke away from early $12’s so of course retracing the entire way is always on the cards as with many Bios recently.
But the main attraction at the level you’re suggesting (like the way I did that?) is the 200ema is there and is horizontally level with a major breakout level and a support level. Refer to the weekly chart I posted here a few days ago.
https://hotcopper.com.au/posts/76637947/single
And yeah there’s a gap there but other indicators trump that but in combination it stacks up.
Cheers.
Ps. Just look how the sector is being bent over currently. Nothing surprises these days.
(20min delay)