I had my finger on the buy button the minute the price struck 3.09, but the depth of the candle had me hold off to see if the strike is a 2.97 support, as you mentioned.
Shorter term coal futures showed a slight flattening but still trending down, however unit costs per tonne must be getting close in this economic carousel, and buyers may simply have to pay the elevated prices, or there could be no supply forthcoming.
Can't remember now, but was 2.80 the .618?
If so, you would expect some strong interest around that price point, AND if it reached this level after the US data on good Friday, plus the quarterly rebalancing, it would appear that this is almost a goldilocks confluence around that level...
Ann: December 2023 Quarterly Activities Report, page-37
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$3.37 |
Change
-0.005(0.15%) |
Mkt cap ! $3.010B | |||
| Open | High | Low | Value | Volume |
| $3.34 | $3.37 | $3.32 | $1.003M | 300.7K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 11 | 2931 | $3.36 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $3.37 | 18086 | 34 |
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| Last trade - 12.02pm 07/08/2024 (20 minute delay) ? |
| SMR (ASX) Chart |