Perhaps these big boys know something that we don't. They spent nearly $11M to acquire an extra 6.9M shares, what could it be if it is not a prudent move.
In their mind, does it look like the LAMP is going to be shut down?
Is the SP very cheap now? it is at an 18 month low. It was $2.40 only 3.5 months ago before these "bad news". If the sky clears up, this $6.9M would turn a profit of $5.6M approx. It's a rich man's world!
Looking at LYC's daily chart for the last 12 months, there is a strong base at around 1.48 to 1.56, forming a short term pennant with a downside target of 1.48 and an upside target of around 2.00.
Today's price action of an intraday low of 1.56 which has hit S2 then bounced up to 1.59 on the close. It would be a good sign if it could stay inside the pennant.
Perhaps these big boys know something that we don't. They spent...
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Last
$6.40 |
Change
0.000(0.00%) |
Mkt cap ! $5.982B | |||
| Open | High | Low | Value | Volume |
| $6.47 | $6.48 | $6.34 | $20.28M | 3.161M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 12848 | $6.39 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $6.40 | 17965 | 2 |
View Market Depth
| Last trade - 16.10pm 12/07/2024 (20 minute delay) ? |
| LYC (ASX) Chart |