SYR (ASX) Ann: Trading Halt-SYR.AX

Originally posted by ozpolarbear ↑

Brief update from my comment last Wednesday (wow- third Wednesday in a row that we have had something eventful with SYR! )

1/ Critical level broken

Key levels again which I have mentioning since months (and which have mostly played out) with most recent ones in red

2.39/2.44/2.5; 2.64; around 2.8; 3; 3.2 (3.15 and 3.25); 3.45 to 3.53; 3.65; 4; 4.5; 4.72

I had mentioned each of those three– 2.39, 2.44 and 2.5 as possible supports and not necessarily all three and had mentioned these in December itself.
Below is my December comment and an extract below -
https://hotcopper.com.au/threads/ann-trading-halt-syr-ax.2791786/page-107?post_id=21076760

Dec 11, 2014 – Low 2.39 ; Close 2.43 ;High 2.57, open 2.56
Sep 24 2015 – Low 2.39; close 2.43; High 2.53, open 2.5

As I mentioned in December, I thought these levels would be tested and were very critical from long term point.
I mentioned again last week that we could find support at 2.44 and we did for a week but if you take a look at the highs over last week, it was just 2.59. Close each day was hovering around key level of 2.5 and yesterday of course, we closed at 2.43 possibly giving a hint of what was to come next.

2/ 2.35/2.36 level

Note that one of the levels that I mentioned as possible support earlier was 2.39

Incidentally today, 2.35/2.36 seemed to have played out a bit. During SYR’s fall at start of day, support was found at 2.35 for around 20 minutes. Once that snapped, it quickly fell to day’s low of 2.24
Note that after around 2 hours, as SYR was rising, 2.36 was resistance. Then after falling back to 2.28, note that during the end of the day rise back up, 2.34 and 2.35 were again resistance with the final close of 2.34.

This may or may not mean anything at all and it may be too early to call this a key level, but I find it “interesting” that SYR did not rise above 2.39. I considered anything between 2.39 to 2.5 as a key support/comfort level and SYR consistently closed below. IMO, SYR would do very well to close above 2.39 at least. For today at least, we can clearly see that 2.35/2.36 was resistance, and tomorrow might be key if this was just random or whether there was some logic to it.

3/ Shorters

http://www.shortman.com.au/stock?q=syr

Based on the activity of Feb 28 itself, I had mentioned 2 weeks back, that shorters chose a perfect level to cause panic. Today was another very key level (for shorters to cause panic) with SYR price just hanging on below 2.44 support yesterday. I’d really be surprised if today was not another one of those 0.5% red days (stock shorted more than 0.5%), because the timing of shorters IMO so far has been near to perfect.
I mentioned last Wednesday itself that if shorters have will and firepower they can easily cause more panic.

4/ Where to from here?

2 Wednesdays itself, I again reminded that SYR is pretty close to very key long term major supports and if I was a shareholder though, the first question on my mind though would be where to from here (price was still 2.8 then) considering that SYR has failed to have a meaningful rise above 3 despite strong global markets. I asked if there was a failure above the 3 zone like there was a failure above 3.45 in January?

It seems that a lot of SYR bulls have been asking the same question over the last 2 weeks as support has been non existent.

First priority IMO of SYR should be to get at least above 2.39, and preferably above 2.5
Longer it stays below and this could become resistance. We are still somewhat at a point where SYR could find some support although it is just barely hanging by a thread right now. While some consider 2.5 as the key support level, I mentioned that I personally thought support could be 2.39/2.44/2.5 – so we are just below that as of now.

The key though is point 2 that I mentioned above and whether 2.34-2.36 was indeed acting out as resistance today. Tomorrow might be another key day clarifying this point.

I’ve not really analysed next support levels (if at all SYR does continue falling) but considering today’s low of 2.24, that level and then maybe $2 of course seem like the next likely candidates (if at all we continue falling, that is)
Good luck

Expand

Hi oz, don't you own a TON of shares in one of Syrah's competitors that has almost but not quite gone down the bog hole?

No.	Vol.	Price($)
30	1220614	25.0¢

No.

Vol.

Price($)

1220614

25.0¢

Price($)	Vol.	No.
25.5¢	259858	3

Price($)

Vol.

No.

25.5¢

259858

No.	Vol.	Price($)
28	1204614	0.250
15	2670631	0.245
19	6395264	0.240
10	1259589	0.235
10	463895	0.230

No.

Vol.

Price($)

1204614

0.250

2670631

0.245

6395264

0.240

1259589

0.235

463895

0.230

Price($)	Vol.	No.
0.255	259858	3
0.260	172955	3
0.265	146694	4
0.270	297000	3
0.275	129886	4

Price($)

Vol.

No.

0.255

259858

0.260

172955

0.265

146694

0.270

297000

0.275

129886

(20min delay)
Last 25.0¢		Change -0.030(10.7%)		Mkt cap ! $258.7M

Open	High	Low	Value	Volume
27.0¢	27.0¢	25.0¢	$1.320M	5.179M

Ann: Trading Halt-SYR.AX, page-131

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