OK The holidays are behind us lets get this baby moving.
What I believe I am still seeing is someone cleverly accumulating.
There is no doubt that some of the top 20 holders have moved on but someone was keen on buying them leading towards the end of last year
There has been no large sustained selling & there has been no fundamental change so apart from p..ssing us all off there is no reason for selling.
Todays chart looks mildly promising with the stoch having crossed back above the mov avg but still well below the oversold level.
The first three trading days of this year saw the sp hit a new 12 month low on very low vol with support coming in yesterday on higher relative volume off that low.
Todays high & close may be at a possible supply line & was on about halve the prev days vol so may be we will see further weakness for a while yet before the momentum builds up enough to carry the sp higher.
I guess that if one (or more ) of the top 20 is still p...ssed off & wants to sell the sp down there is nothing we can do about it.
As there has been an increase of 33 share holders having more than 100k shares that gives me some confidence that accumulation is what we have been seeing rather than selling and I believe that the accumulation is by existing shareholders who wish to remain anonymous & out of the top 20 list.
I look forward to the coming year & hope to make a few trades when the charts indicate the time & target.
Good luck everyone for the year ahead.
PSY Price at posting:
5.6¢ Sentiment: Hold Disclosure: Held
