I'm guessing they were fake sells trying to spook weak hands into joining them, look at how thin the buy side has gotten, if you're sitting on the fence then massive off screen sells clear the buy stack, and with what looks like a rush for the exit it might be tempting to get out in hope of getting back in lower or at least preserving some profit/capital depending on your entry price...
I can only presume some big fish are determined to get a position more cheaply. The lack of a buying response to some great announcements (buyers exhaustion) have given them a green light to go fishing for stops without having to throw too much capital around.
The now predictable pattern of HC darlings, and apparent validity of Mitta's analysis invites traders to join in and punters to behave predictably. The hope is that AJX is the outlier that actually gets enough profit to transition from speculative to growth status. A few solid announcements are all it would take to catch shorters and sellers with their pants down.
Would be nice to see some more solid management buys coming in here although they have plenty of skin in the game already so wouldn't blame them if not.
Anyone have fun retracement levels on hand?
AJX Price at posting:
58.0¢ Sentiment: Buy Disclosure: Held
