The price drop is one of those perfect storm events.
The significant high on September 22nd looked overcooked and a retrace of some sort looked inevitable
We have had a couple of brokers off loading
Selling into the positive announcements (which seems fashionable these days)
The options overhang playing out
A soft market with uncertainty about the US interest rate rise if/when.
Appearance of algo activity on the sell side as well
Retail holders spooked by any or all of the above
Once sentiment is dented like we have seen the buyers go away. It takes time for things to settle down and a good news trigger wouldn't hurt but it does look like the bottom can't be too far away. Considering the market was a shot duck today the outcome wasn't too bad really.
AJX Price at posting:
87.0¢ Sentiment: Buy Disclosure: Held
