Have to admit that strategy is working! Last week there was a 5mil buyer with 3.8mil sitting on the bid at 1.5c for about 2 days, until Finex dumped half of their lot purchased at 2c during the last spike into it on last Thu (big red day across the board). Now there are 4 mil additional shares available at 1.5c on offer, from the sellers who weren't ready to hit that bid just one week ago. 1.5c acted as a strong support until recently, and looks like now it's acting as the first point of resistance. Mind you, the strategy not only pulls more sellers at 1.5c, but also draws more sellers at each tick above that weren't around in the past, because people will be tired of this bs price action for months, and just want to break even or cut the losses.
Based on the shorts data, looks like that short was opened on the 1st Sep, and as per broker data, I could only see Instinet Nomura as the possible short seller on that day...might be totally wrong though.
Nothing will change here until there is an improvement in the sentiment, which is upto the management....they sold a story for the cap raise, took the money and been a closed book since then on how they'll use those funds.
There have been attempts to break 1.4c in the last 3 days or so, with a 1 mil sell into chi-x almost every morning...whether that's deliberate or genuine sellers?...possibly a combination of both. If we continue like this for a while, 1.4 could be broken too.
Broker data for anyone interested. That 5 mil buyer last week was retail btw.
All IMO, please DYOR.
SCU Price at posting:
1.5¢ Sentiment: Hold Disclosure: Held
