I posted about the parabolic spike here: 47198889
Since then it has retraced to the 1st support level around 62c mark.
All the day traders, dump and pump are written everywhere, including fake buys, line clean out...etc.
Everyone is buying into this "upcoming news", in fact the smart money has already distributed at the top.
The buy/sell depth ratio is increasing by the day, now with 2:1 sellers vs buyers.
Best to implement risk mgt strategy (i.e. sell half, or all and wait for consolidation stage). Nothing is better than booking in real profit rather than sitting on paper ones and seeing it evaporates each day. Also swing trade would yield some good result as well.
My view is all the hype around this parabolic spike has seen many stocks with similar spike, ended in tears. I have seen this many times, and many didn't end up well. Ppl get sucked into this with FOMO with posters ramping the stocks.
IMO, it is likely to crash through 60c to reach 55c and next support at 48c mark.
I posted about the parabolic spike here: 47198889Since then it...
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Last
22.0¢ |
Change
-0.005(2.22%) |
Mkt cap ! $408.3M | |||
| Open | High | Low | Value | Volume |
| 22.5¢ | 22.5¢ | 21.8¢ | $1.107M | 5.019M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 6 | 110458 | 22.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 22.5¢ | 355185 | 24 |
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| Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
| BRN (ASX) Chart |