Ann: Syrah Achieves Significant Graphite Concentrate Upgrade-SYR.AX, page-17

Do you fibs and you will see $4.03 is the 61.8% retracement. I don't believe in them in isolation and a confirming tool. The week ending April 8 bearish weekly candle is a key reason why coupled with round number $4.00, it is a logical level that price held in the recent past. Using a big bear weekly candle I see you ask? I am not using conventional wisdom here and it served me very well in the world of FX/commodity trading but this is the precise level I normally use except price gaps etc makes it almost impossible except the most patient to find such setup.

If I was an ultra short term bull, I would also be selling into this price spike since a sideway range will take time and it isn't obvious which bull swing is the breakout.

As a shorting opportunity if you were taking a recent short, you have missed the boat and fallen into the late bears waiting to be mauled eventually. If you took it from 6bucks then logically there isn't much to rinse of out of this trade.

Now we await for the short covering and blokes like yourself to lend us that anticipated rally.