Nice announcement but the result at the end of the day was muted.
Mon. bar is negative & that is being reflected by the Stochastics, MACD & Histogram which are trending down.
The sp however is holding up well & possibly forming a base around 11 – 11.5.
However, is there anything happening in the background?
Yesterdays volume shows net Buying of 2,501,040 but we closed at the days low on increased volume with the last 2 trades dropping the sp from .125 to 0.12 & turning the bar negative inline with the falling indicators. That is not a bad thing imo & I would much prefer to see the indicators lower before the next run starts.
I cant help wondering about the shorter’s.
Last Wed, Thu & Frid there were 735,066 reported shorts.
Is this a tactic used by SM to stop the sp running away from them or is someone trying to make a profit from shorting or a bit of both. A 1.5 cent range does not seem enough to me to be profitable given the risk.
Was some of Mon buying also short covering before the sp is allowed to run again?
Whatever is going on it is not going to stop the train.
AGY Price at posting:
12.0¢ Sentiment: Hold Disclosure: Held
