So far, we have seen the supply (selling), being absorbed within this same price channel (10c - 12c), regularly. In other words, someone is mopping up the selling. Why ? We don’t know yet…the difference between protection and accumulation can be deceptive at times. Protection being an entity purposely holding the company share price above a certain zone. In this instance - 10c being the constant protection barrier.
You ask - what signs may tell of accumulation? Well, if it were to be a subtle accumulation event - it shall continue for some time until two things occur. Which will provide the confirmation you seek. They are;
1) The seller/s that continue to off load are exhausted = no more supply. Nothing left to mop up.
2) Once the accumulator/s are full, they will buy up to increase the price beginning a reversal pattern on the chart. To confirm, a strong break and hold above 13c would signal a break out, reversal pattern event to bullish sentiment. Signalling the potential for a strong move. Momentum and volume here will be key under these circumstances. Without both momentum and volume, it will signal a fake reversal and price will again drop not long afterward.
These thoughts are purely based on TA….
Fundamental events are not taken into account in regard to the above comments - for example; a poor quarterly, production issues, under expectation product sales outcomes or funding concerns.
If my hunch is correct and we are potentially seeing a subtle accumulation event - those buying may be aware of something others are not
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Last
10.0¢ |
Change
0.003(3.09%) |
Mkt cap ! $67.12M |
Open | High | Low | Value | Volume |
10.0¢ | 10.0¢ | 10.0¢ | $16.95K | 169.5K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 254618 | 10.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
10.5¢ | 61460 | 3 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 254618 | 0.100 |
1 | 43832 | 0.097 |
3 | 115903 | 0.096 |
4 | 142895 | 0.095 |
1 | 100000 | 0.094 |
Price($) | Vol. | No. |
---|---|---|
0.105 | 61460 | 3 |
0.110 | 409999 | 6 |
0.115 | 467312 | 8 |
0.120 | 477177 | 4 |
0.125 | 219579 | 4 |
Last trade - 15.50pm 07/10/2024 (20 minute delay) ? |
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