The stock has been fairly iliquid and moving sideways for the last month - not much interest to traders really.
Those of us who have done some research have been looking for a sustained break up but it hasn't occured.
There was a failed break up on a bit of volume on the 5th, but the stock went back into the range.
Yesterdays move was on even more volume but the break still failed and today the stock went right back to the lows of the range before recovering slightly.
Now at the risk of repeating myself.
Why is this stock still stuck in a range?
BECAUSE THE BLEEDIN PLACEMENT HOLDERS ARE TAKING PROFITS!
Ninety two million 9cent shares are seriously in the money, if you look at this from a short term perspective.
The good news is someone is accumulating - and it's not just traders.
There will be a sustained move up here - but not until the placement overhang is gone.
When the move comes, there is every chance it will be pretty quick and will probably leave a lot of would be traders in the dust.
I hope I'm not one of them. :)
POH Price at posting:
15.5¢ Sentiment: None Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)