my gut feel, and this is purely my personal instinct on the basis - I haven't reviewed trade details (quantity, value , party) is that today's trading was based on the following:
early buying from long term watchers waiting for confirmation of forecast, and opportunitic day traders for pips. countered by selling of mid term holders with CGT concessions at a 100-260% profit.
the run back down possibly exacerbated by shorts taking positions early at 330+, and then pip traders of the morning also jumping ship with stop losses.
then consolidating back up to near open, when market realised the value on offer , backed by positive BIN update and fundamentals.
the only thing that will concern me, is if the trade data shows any big transactions >$1M + from multiple sellers, and especially the case if we see any insiders selling shares - which will trigger 3Y's shortly.
take the above with a grain of salt, as it's purely my guess on today's trading via mobile app.
I'm not going to go as far as to guess the short term movement here, but I am not seeing any need to panic, or reevaluate my long term holding here.
cheers
BIN Price at posting:
$3.17 Sentiment: Hold Disclosure: Held
