Who's topping up, page-102

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Lies&damnlies

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2225

14/12/19

22:25

Post #: 41972644
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Originally posted by antibotter ↑

Courtesy of @Jako8557

https://hotcopper.com.au/posts/41970310/single

The weekly chart moves pretty slowly, and does not often complete a strong principle to take advantage of.
Effectively last week continued to show that supply was being drawn out, and this week price developed a shakeout of some kind, probably in an attempt to challenge the sellers and try to remove their supply. It is not a perfect technical shakeout, but is a likely shakeout all the same. As usual next bar or two will help to confirm, and the expectation would be for an upbar in response (or a narrow spread low volume down bar, that closes mid to high) .

I don't actually watch this stock trading on a daily basis.
This week however (on the daily chart), there is indirect evidence of vertical accumulation, or a 'buy the offer' situation (as I call it).
It is not confirmed, but I generally see this type of accumulation used when there is not much stock available in the market, and/or when the buyer does not want to push the price up against themselves too much.
This price action may actually be created by the broker, who are buying on behalf of the holder, and not necessarily the buyer themselves - although I do commonly see this form of trading in association with 'active' or 'speculative' holders, although not exclusively.

I like to follow on the coat tails of active or speculative buyers, as they get involved in day to day trading in the market, defending their position against supply (up to a point), and when the mark up phase is underway, they support the share price in the market.
They don't however hold for the longer term, and usually sell for a profit at some point in time.

I did not do a chart this week, as not much had changed.

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Hi Ab

Nice try even with good news this stock won't happen a $2 this year.

But please join us again when the stock hit's the $2 sometime in 2020.

cheers Lies

SPL Price at posting: $1.28 Sentiment: Buy Disclosure: Held
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0 Great analysis

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