Honestly, I don’t know what the hell happened today. I saw the large and constant selling in the late morning which pushed the price down to 22c then I got busy at work and missed most of the recovery. But having a quick look at the course of sales I see 296 trades for 3.25 million units giving an average trade of just over 11,000 shares. These are not retail or instos buying, these trades are from the brokers. I see that 7000 parcel over and over again. I know I’ve got some kind of fixation with this 7000 bugger because I see it all the time. I see it get loaded on every price point at 11:00am and it’s always first in the que, then they all disappear at the end of the day only to reappear the next morning. Why ? Maybe to sell it down to pick up cheaper shares, maybe to trigger stop-losses, maybe just to do my head in...
l was happy to see it close at 24.5c but the Market Depth looks pretty thin so unless we get a good announcement or a meaningful update these brokers will continue to play their games and all the gains we’ve achieved in the last couple of weeks could easily be lost.
Now is the perfect time for management to drop something that will blow everyone away...a massive sales contract, an agreement with a big name, Rio, BHP, NASA, an announcement of a new CEO ? Now is the time...let’s see
FGR Price at posting:
24.5¢ Sentiment: Buy Disclosure: Held
