It will take a pretty significant event to close the lower gap,...

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03/11/23

08:35

Post #: 70703553
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Originally posted by Sdaji: ↑

Short term anything could happen, but not all gaps fill, and we have a very tangible reason for the gap up from 53c, which makes it especially likely not to fill - it's exactly the type of gap which tends not to fill. We also have an open gap at $1.40, given that we've just had a tangible reason for global excitement over non Chinese graphite, and SYR has one of the largest reserves in the world, it's not unlikely for the higher gap to fill. People often desperately talk about their company being a takeover target when the price has crashed, but given the sudden increase in demand for non Chinese graphite we legitimately might be.

It's fairly unlikely we're going to see the price drop down to what it was immediately before the recent change in the graphite scene. It's much more likely we'll see SYR return to where it was a few months ago when it gapped down, or perhaps even $2 plus where it was early this year.

Perhaps if it breaches 63.5c support it might close the gap, but that's a big if, and even in that scenario it definitely wouldn't completely close the gap, it would bounce off somewhere in the gap and it would be very brief, but equally we can say if it breaks 95c resistance we'll probably close the $1.40 gap, and not only is this more likely, in that scenario it has a good chance of going further.

What's your reason for being so biased? You're not shy about making it blatant, are you disgruntled or wanting to see it go lower after selling out, or are you just wanting a cheap entry?

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It will take a pretty significant event to close the lower gap, imo. Not sure what that event is besides a CR.

Technically we have bounced off the 61.8% fib retracement (around 0.63) from this impulse wave which looks like a EW wave 1. We are in a wave 2 retrace which when done will push this to close that upper gap at 1.40 at some point.

I think the fundamentals changing from China were not considered when this was shorted to death. They will now try to keep a lid on this as they play a range trade and earn some money as they exit their shorts. Whilst the shorts are staying high, I believe they are new intra day shorters, whilst the long term shorters slowly exit. The overall shorts will slowly come down. They need to control the SP this way because they can't exit their entire shorts in one go without the SP going off. This is what BEOT can do when they have access to so many borrowed shares thanks to AusSuper and Vanguard and other long funds.

SYR Price at posting: 68.5¢ Sentiment: Buy Disclosure: Held
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