it’s funny. Around the top in Jan/Feb the brokers (including vendors) were unloading into Commsec. Commsec bids run out, price collapses. now, the last week or two the opposite is happening - see some brokers starting to take size whilst commsec punters are selling with size. Likely all the ones that got trapped at 1.8c+ and are just taking this uptick.
see it time and time again, very predictable. Retail bag holders. although would like the broker buying a bit more distributed - concentrated right now.
and there’s a fund going through open markets who are trying to market make this thing (trading big size both buy and sell, trying to make the spread - they won’t have borrow so they’ll just run out of inventory on a strong up tick). but has the effect of dampening moves.
GCM Price at posting:
1.2¢ Sentiment: Buy Disclosure: Held
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