Heya guys. Just thought I'd throw an idea out there as I notice people talking about insto's driving prices down to accumulate at a lower price. Although I'm a non holder I am interested in understanding what's behind some of these big movements we see on the ASX often followed by full recovery from a TA perspective. I couldn't find a PTR chart thread so bear with me while I explain an idea through charts.
This chart in 1hr intervals
23 and 39c are two interesting price points as they are where the large buying and selling pressures were possibly by traders/speculators or new investors. 38%FIB between those points is 29.5c - where PTR closed yesterday.
Between Nov 24 and recent highs, the share price increased ~500%. Speculators/new holders become very interested in PTR as they see $$ signs and potential gains early December. However the market is very jittery due macro events.
Weekly chart snippet:
The last week in January saw ~ 17% fall in SP and ~40% fall up to yesterday. This could correlate with that long wick up in the period starting 4/Dec/24 where large volume of shares were bought between 31 and 41 cps.
Daily chart:
Buying pressure around 39c between 4/12/24 and 5/12 meant a lot of new holders or existing holders added. 39 now becomes a watch level as that or near there is where stop losses would be placed. These new holders are now trapped up until 13/1/25 where the SP attempted to rise above that level. The breakdown from these highs occurred around 3/2/25 where stop losses (39 mentioned earlier - top orange trend line in this chart) were hit resulting in the large sell off yesterday.
It only took 8m shares to drop the SP yesterday but I suggest this could be holders that entered post 4 Dec 2024 similarly the large wick down to 26 suggests stop loss hunting again correlating with the buying from 4/12/24. What is a little surprising is the gap wasn't filled to 21 (3/12/24). If thinking about buying now, I'd be watching that gap as it could become a target however, ~5m shares were added to someones portfolio over a 3 hour period from 26 cps which does indicate insto/large holder support. Will it recover or will it test 21? Time will tell but the huge buying pre 4/12/24 suggests strong support.
I haven't followed PTRs FA journey so this idea is purely from a TA perspective.
GLTA
(20min delay)