Of course I can only guess at this but I think institutional investors who have been frustrated by the lack of a new cap raising and disappointed that significant holders rebuffed their advances have been forced to very slowly accumulate on-market.
I would say that another factor has been that funds forced to buy due to EXT's entry into the ASX300 have been doing so in a slow and dignified fashion.
I think this is why it doesn't "explode" on the chart but just keeps climbing and staying between the bollingers with an RSI that is high but not crazily overbought.
I think that entry into the ASX200 which is inevitable will bring on board new funds which are forced to buy due to their charter.
Whilst I feel that there has to be a red day sometime (surely there must be?) I still think that people who think they can sell and buy in for less later are rolling the dice.
I must say that the chart (from a Weinstein perspective) is simply beautiful. It is so text book with the long period (years) of consolidation, the sudden rise of the 30 week moving averages and the increased volumes.
EXT Price at posting:
$3.68 Sentiment: Buy Disclosure: Held
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