Hi all,
Having a look at the technical indicators again and thought I'd update this thread.
In whats becoming like a broken record, nothing much to like here. The patterns of dump on positive news, a period of low volume consolidation before the next announcement and dump has continued unabated.
We did have a dabble in the oversold territory recently on the RSI, but that has petered out into a big nothing. Trend is down, daily moving averages down, down down, down...
There looks to be a lot of focus at the 10c level, but I don't see any reason to think this wall will hold. there is simply no buying movement forcing the SP upwards. The buy walls have been relentlessly sold into and collapsed one after the other.
Based on the technicals, if we break that wall I'd expect to see some pretty hardcore capitulation.
I have read some of the various theories on here about ''someone'' pushing it down in order to accumulate, but I think all that really means is a few people have been following the Govinda story and would like to believe that there is a big player lurking in the shadows, pulling strings to get the price down to scoop up the deal of a lifetime.
From what I can see on the selling and the various broker data, it's just the normal pattern of the market at the moment. IHL has been thrashed hard, but it was also pumped hard so go figure.
Chart wise, there isn't a single buy signal to be seen.
I don't make predictions on the SP as a rule, but if you're looking for a gauge based on the TA only consider this. Our strategic investor bought in at 20.5c, so for a grand total of a few months they are currently down 48%. I'd be very stunned if their portfolio registered a green tick in in on the IHL column before years end.
Yes, we have squillions of announcements coming this year, but if you're looking at the trends for the SP only then I doubt this thought fills you with a great deal of joy.
On the upside, during these times of woe the business is doing what they said they would do.
I know its cold comfort for those so deeply in the red.
Good luck all
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