Originally posted by cantankerous
Thanks Drifta for drawing my attention to AusSuper trading announcements.
Australian Super has sold down from holding 10% at 17 Oct, (the date of the update) to 5% on 1 November, at which date they still held 1.5 million shares.
Volume traded seems to have quietened down in the past week, so the next holding update from AusSuper would seem to be pivotal - will they accrue at this oversold price (partly of their own making) or will they continue to sell off, perhaps at a lower daily rate? If they continue to sell, I would suggest prospective buyers could hold off for sub $2. Conversely, should AusSuper increase their holding by any substantial number, then I think we have seen the bottom at $2.09.
PS I bought in at $2.76 after the update.
Cantankerous James
Looks like they could be prepping to sell out, maybe some further short term downside to come, probably best to leave some side capital when further weakness ensues.
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