FTE has looked a bit ugly the last few days. Whilst there isnt too much between where we are now and 15c in terms of depth there has been some fair dumping.
Normally you would assume some of this was done by the folk taking up the new placement ie. sell to fund the new shares however there is no value in doing that at 12.5c
Apparently although the offer was well oversubscribed and got scaled back the sophisticated investors are not yet putting their money where there mouth is in the market.
12.5c is a recent support level as it was previously a resistance level so will be interesting to see if she holds it. If not a run down to 11c would be likely in order to fill the previous gap.
A bit of decent news from the company would also help support the SP.
DYOR
SLE
FTE Price at posting:
12.5¢ Sentiment: Hold Disclosure: Held
