Recommendation from Melbourne broker Callum Newman "Small Cap Alpha" to sell DCC is not helping, combination of events at the moment.
The punters that subscribe to this are the source of the volume . . . make of it what you will.
"You can see that bitcoin and DCC moved in a very close relationship up until that point. It was reasonable to expect that DCC would move up if our central thesis — bitcoin rising — played out.
I was wrong.
Here’s the return for them both since the April issue
Clearly, the previous relationship has completely broken down. I cannot pinpoint for you why that is.
Regardless, if DigitalX cannot rally after such a strong move in bitcoin, the conclusion is obvious: There’s little reason to hold the stock.
It’s a very disappointing outcome. However, we cannot control those — only our response.
ACTION TO TAKE: SELLDIGITALX LIMITED [ASX
CC] at market."
