Since the SP took off in early January it has been in a channel ranging between zones around the 3. 5 and 5.7 cents or so. So one of the possibilities is support kicking in around 3.5/3.6 cents at the lower end of the channel. The SP is already looking technically oversold.
There is always the risk that the new CR holders following the issue on April 17th will take windfall profits and noting that the downturn kicked in on April 17th the evidence seems to support that.
Hard to say if there is sufficient bearish momentum generated for the SP to breach the lower boundary of the channel. Maybe tomorow or probably Friday will answer that question. I think there will be buyers eyeing off the bottom of the channel as a prospective entry or as a top up point for existing holders.
I have displayed the chart in log format (Y or price axis) - reduces the visual SP distortion over such a wide price range.
Daily May 2nd
AVL Chart, page-659
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Last
1.5¢ |
Change
0.001(7.14%) |
Mkt cap ! $129.1M | |||
| Open | High | Low | Value | Volume |
| 1.4¢ | 1.5¢ | 1.4¢ | $105.8K | 7.334M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 18 | 2698027 | 1.4¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 1.5¢ | 8089207 | 22 |
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| Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
| AVL (ASX) Chart |