To me it looks like someone is offloading in a range, without having the retail buyers to soak it up all that effectively. It may be someone offloading an overhang from the last cap raise or doing year-end planning / SMSF rule change adjustments. Whatever the case the selling has been pretty basic, so am a bit surprised the company hasn't stepped in to help them offload to an insto.
What has been disappointing to me is that no insto's seem to be getting onboard after all the success they've achieved. But, how do they get stock? Exchange traded securities seem too thin to allow insto's to pick up enough weight to matter without driving the share price ballistic, so how do they enter?
Another observation is that there seems to be increasing algo trading on PYC, so it may be that this range is being managed by pip trading algo's....although volume hardly seems sufficient to warrant it?
Overall, IMO, the company needs to somehow drive increased retail trading volume to help overcome overhangs and allow insto's to move in.
PYC Price at posting:
$1.20 Sentiment: Hold Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)