Serious move immenent...in spite of what people think.
Look at the chart...very similar breakout/refusal pattern over last few days as we saw back in the period 13-19th July.
That pattern was immediately followed by an announcement...gap up...and subsequent rally.
Ask yourself this...back on that occassion, why didn't the insiders let it run on its first attempt a few day prior? Why did they cap it...or better still, why didn't they buy in the face of the selling, especially given the announcement they knew was due any day?
Fact is, they were probably the ones selling...clearing out the last of the temporaries in preparation for the ensuing gap that ocurred just a few days later.
Just as I suspect we are seeing this now!
Look at the current chart pattern...very similar, but perhaps more bullish given its margin of respect of support lines...and heavy volumes traded.
The volumes are particularly significant...I put to you we have not had 5.6m shares "net sold" in just the last three sessions...they may have traded, but nothing near this level has actually been been sold.
I suggest more than a little churn has taken place...the type you see when register profiling is underway.
So...if history is anything to go on, we should see a significant rise within the next 5 or so trading sessions.
Cheers!
JPR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
