I think yesterday's price action was one of those classic situations where FA and TA perfectly lined up.
FA-wise a combination of EOFY selling coming to a close and PET overflow exuberance. As someone who was in A2 Milk for a number of years, the China contagion effect is very real. When one milk/supplements company had a good China announcement, all the others followed suit, and vice versa.
TA-wise, that had all the hallmarks of a falling wedge reaching resolution – descending price on descending volume – mixed with a post-gap fill bounce at a previous resistance (now turned support). That should be enough to shake out the negative price momentum from the last move up I'd think. Onwards and upwards to 71c!
...I hope.
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