Happy winter solstice to you all.
I have a more positive outlook on the chart. I think after the big roller coaster ride the market is just taking a breather and forming a higher confirmation low before taking off. From a technical perspective I have seen this many times. Confidence would have been shaken in many investors as we bunji jumped down into the 14's. It's normal after a huge recovery like we had two days ago for the market to stop and see what happens next. That plus we would have had a few day traders taking profits yesterday. Most of yesterday's fall and volume was in the first hour and after that volume was low and price was pretty stable. I would not be surprised to see the SP start heading up again today although we will need to break through Wednesday's high for confirmation.
From a fundamental point of view, we know that metallurgy was what the market was waiting for. The MOM guys mentioned this way back when we were 5 bucks and that Bell Potter mentioned this as well in yesterday's upgrade. This from Bell Potter:
"The metallurgical results were the main hurdle for WA1 in our opinion, with the upcoming Maiden Resource Estimate a close second"
We might tend to feel a bit negative about the power of algo trading but I believe the force is strong with the mets results. Add to that some anticipation will also now be growing with the imminent MRE which, as Bell Potter puts it, is a close second to mets. In my opinion if dark forces try to push this down any further they will be vapoized.
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Last
$17.25 |
Change
0.800(4.86%) |
Mkt cap ! $1.153B |
Open | High | Low | Value | Volume |
$16.55 | $18.08 | $16.55 | $8.459M | 485.1K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
8 | 254 | $17.23 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$17.27 | 629 | 6 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
8 | 268 | 17.250 |
1 | 20 | 17.240 |
7 | 200 | 17.230 |
2 | 133 | 17.220 |
7 | 325 | 17.210 |
Price($) | Vol. | No. |
---|---|---|
17.270 | 579 | 5 |
17.280 | 191 | 4 |
17.290 | 302 | 4 |
17.300 | 620 | 8 |
17.310 | 244 | 3 |
Last trade - 15.18pm 26/08/2024 (20 minute delay) ? |
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WA1 (ASX) Chart |