ChartWatch
Santos Ltd (ASX: STO)
Jilted, Santos shareholders are wondering what could have been
There really wasn't anything in the technicals to suggest today's drop was coming. As good as technical analysis is, it's not a crystal ball! But, let's dust off the old ball and try and figure out where to next for Santos.
Big black candles are never a good look. They indicate a rush to the door, with plenty of shareholders desperate to get out and few cash owners brave enough to fish for a bottom. The downward pointing shadow on today's Santos candle provides a sliver of hope, though, that at least a few investors were prepared to punt on a low.
The trough low of $7.41 set on 11 January held on a closing basis today (today's close was $7.41), and this is another small bonus. Past points of demand should act as future points of demand and at least this has occurred so far.
Tomorrow's candle is now crucial. A continuation sell off would demonstrate the supply-side has grasped control of the Santos price and this could facilitate further declines. A large white bodied candle, or one with a long downward pointing shadow would indicate the selling is done, and the demand-side has stepped back in.
For the most part, the Santos chart is largely sideways, so the next candle may be moot. The trading range between $6.70 and $8.10 looks well-entrenched here.
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Last
$7.50 |
Change
-0.120(1.57%) |
Mkt cap ! $24.35B |
Open | High | Low | Value | Volume |
$7.60 | $7.60 | $7.50 | $34.19M | 4.538M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
10 | 127916 | $7.50 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$7.51 | 14492 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
6 | 91243 | 7.500 |
4 | 51613 | 7.490 |
2 | 81209 | 7.480 |
1 | 2000 | 7.470 |
1 | 3000 | 7.460 |
Price($) | Vol. | No. |
---|---|---|
7.510 | 634 | 1 |
7.520 | 33001 | 3 |
7.530 | 11000 | 2 |
7.540 | 45113 | 4 |
7.550 | 64007 | 5 |
Last trade - 16.10pm 24/06/2024 (20 minute delay) ? |
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