It has been a while since the last time I updated broker report.
I'd like to share what see since 10/8/2021, where SP drop from 54.5c to where we at now.
1, Who's selling?
The two broker that consistently sell BRN on a almost daily basis is
Bridges and
FinClear Service . These two combined contributed to 75% of the net sold volume since 10/08/2021. So that tells me majority of investors are holding firmly onto their shares.
2, How are they selling?
Are Bridges and FinClear's daily selling activity more like a short term trading tactic or are they genuinely believe BRN is overvalued, I will leave you to make your own judgement, but here is their daily trading activity since 10/08/2021. I have never seen such a consistent trading pattern, in terms of both the frequency and volume.
3, Do I believe it is a good entry point now?
Just my personal opinion, yes
a) Technically, we just reached oversold RSI this morning. that is why I topped up at 42c this morning.
b) Fundamentally
We all know the reason why short sellers are making money recently is because:
i) the announcement of "1st batch chip has completed internal test and dispatched to BRN's customers" has yet to be announced by Q4 CY2021
ii) New CEO yet to be appointed
Peter in his last interview with comsec mentioned back in beginning of June 2021 mentioned that it will take 6-9 months to find this new CEO (09:55 in the video). That means the new CEO is likely to be announced in Q1 FY2022.
VIDEO So we are expecting two big announcements drop, one is due by Q4 this year, and the other around Q1 next year. We are getting very close to the dates.
All above is just my 2 cents. No financial advice. Please DYOR. For short term, what I will track now is the sign when Bridges and FinClear stop selling. I will hope Technical Guru like
@dolci @YLJ , and many others could share their thoughts on the trading activities done by these two brokers.
Thanks a lot.
Cheers All
(20min delay)