Given the significant ramping up and down going on, perhaps some perspective is required around how BIT rolls in relation to announcements and the correlation with price and/or volume.
Chart 1
- Back in Sep/Oct 2018 outcomes of BIT225 were released and triggered some north bound movement, no indicators in increased volume leading up to announcement
- Prior to this BIT had had a trading halt in relation to renounceable rights offer in May 2018
- This was followed up with a couple other announcements which continued to push price north
- Pump and dump 16 October
- Mid Nov accountment around presenting at Florida convenstion later in month
- Post presentation it retraced, loads of ramping on here at that time too....
Chart 2
- Spike when release around BIO presentation
- No indicators in volume increase leading to this announcement
- Letter to shareholders triggered northbound movement (again), seems market likes thos announcements back then
- Pump and dump couple days later
- Again no strange volume changes leading up
- Pull back from end July with nothing major in announcements
Chart 3
- Advisory appointment caused a spike
- Again no lead up in relation to volume changes
Chart 4
- Change in directors interest leading up to covid testing - hmmmm
- Pullback post covid announcement - pump and dump
Chart 5
- End of FY, price starts heading north before HIV results, this is possible first leaks I've seen based on charting
- First trading halt against testing results (I only went back 5 years, could be some before then)
- Leading into most resent update on COVID testing had no volume movements of note, other than a couple of $20-40k 3:50pm purchases on 2 September, you'd need to have been watching to have noticed.
So to recap the above:
- BIT doesn't appear to have any leaks in relation prior price movement which shows that surprises are possible with BIT (appart from that seen in chart 5)
- Letters to shareholders seem to go down well with shareholders
- Keep an eye on Directors interest notices
- Sell the news happens with BIT but not always, can take a couple days so be prepared if your strategy is to exit on announcements
- I would say the trading halt was requested by ASX hence the pause first as BIT have made similar testing statements without halt
- Saying this will be $1 or $3 next week etc ramping is nearly as painful to read as our resident debbie downers
