the dump at the end is not a sign of concern. The All Ords is bloody red today down -1.77% due to covid concerns.
My guess is that a lot of day traders with margin loans are making a lot of losses today across the board and they were looking at recovering some of their losses by selling XST as it still has a pretty high demand at 0.005 and they can make the trade quickly. That is why majority of the sell orders were at the final hour of the day. Seeing this, more people also became fearful and sold at 0.005 even though they are not day traders.
Other than that, we are not seeing any bad news in regards to XST so fundamental has not changed. Demand recovered at the end of the day even with all the sell out. I am also assuming that a lot of the shares have changed hands to swing traders who will be willing to hold the shares for a longer term.
Another positive outcome is today's volume of 118M (both ASX and CXA) due to the sell out being replenished by more demand at 0.005. About 20-30M of the total volume were sold at 0.006. The volumes have been quite good lately, so I can assume XST is actually on a lot of people's watchlist.
Again, considering this is a red day on the ASX, we did pretty good with the price up to 0.006 at one point. Let's hope the volume momentum can be sustained next week.
XST Price at posting:
0.5¢ Sentiment: Buy Disclosure: Held
