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RSI is at record lows. Currently at 24 and historically bounces...

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asb83

5,933 Posts.

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28/09/17

18:34

Post #: 27530316
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Originally posted by Inchiquin ↑

I'd be wary about reading too much into the dip in the SHV share price over the past few days.

Notice how the dip in the Select share price over the past three trading days seems to correlate pretty well with the dip in the Australian dollar against the USD over the same period?.

The Australian dollar hit a two month low just a few hours ago. In the long run, a lower Australian dollar is a good thing for a company such as this, however international investors don't see it that way: if they own shares in an Australian company they lose out when the Australian dollar plunges, so they tend to sell off during times of currency volatility.

In other words, the plunge in the share price this week may have been sparked by international investors selling off in reaction to the drop in the Australian dollar. I agree that some short sellers have probably jumped on the bandwagon as well, but I suspect they would have been a bit more hesitant had they done some homework beforehand.

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RSI is at record lows. Currently at 24 and historically bounces off 22-23. Perhaps one more attempt to push lower before a bit of a bounce.

SHV Price at posting: $3.79 Sentiment: Hold Disclosure: Not Held
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(20min delay)
Last $3.65		Change 0.110(3.11%)		Mkt cap ! $501.1M

Open	High	Low	Value	Volume
$3.53	$3.67	$3.50	$861.1K	239.4K

Buyers (Bids)

No.	Vol.	Price($)
1	19423	$3.63

Sellers (Offers)

Price($)	Vol.	No.
$3.65	2571	1

View Market Depth

No.	Vol.	Price($)
1	19423	3.630
2	1888	3.620
2	2373	3.610
2	2373	3.600
1	485	3.590

Price($)	Vol.	No.
3.650	2571	1
3.660	5699	1
3.670	5595	2
3.680	2101	3
3.690	1901	2

Last trade - 16.10pm 07/10/2024 (20 minute delay)

SHV (ASX) Chart