With respect PD I think we both know a savy investor with $2m to splash would not take out the wall in a single hit. Why bother when you can pick up 2-3m a day between 9.8 / 10cents?
When considering those sitting off market, together with traders ready to play the margins, it will take 5 to 15 times the current sell offer volume to break it. You only need to look back at the most recent attempt as a good illustration.
Starting at 9.7 on 23/9 it reached 12 cents before returning to 9.9 on close of 29/9, with a lazy 90m+ shares traded over the 5 days.
I like yourself have no doubt we'll break it eventually, ironic that it will most likely be due to an event we never saw coming.
CXY Price at posting:
9.7¢ Sentiment: LT Buy Disclosure: Held
