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simondj

4,043 Posts.

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26/08/14

17:50

Post #: 13875411
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Originally posted by makattack ↑

Yeah a bit disappointing it couldn't hold higher but it closed on its low which was still .1c higher than yesterday's close so that's a positive. VWAP was .0982c, quite a bit higher than the close so plenty of traders out there sitting on a loss if they sell right now. Just means when this pushes up again there'll probably be some initial resistance from those traders who bought higher and just went to get out break even.

8th day in a row now above 9c close. That's a record so that's another positive AND it closed the gap so we won't get those pestering comments from short-term traders that its gotta close the gap. Just felt today that again it built up too much volume, a sure sign that traders are taking over. Would have been nice if it could have kept creeping up on those relatively small volumes of the last few days. One thing for certain that 10/10.5c mark is one hell of a resistance point. It might be as some have been saying that we need news to push through it once and for all. Might be a timing problem for short-term traders but for the rest of us it's just a continuation of the patience game.

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If anything, I would be encouraged by large volume today - consolidating nicely.

OBJ Price at posting: 9.4¢ Sentiment: None Disclosure: Not Held
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