This type of rally is great for positive investor psychology as it anchors old and new investors to higher prices. At some stage we will get a pullback but our likely consolidation level continues to be higher and I would expect buyers and bargain hunters to come in and support any fall.
This rise should also attract new interest which will get new investors on board. Once they do their research they will see that despite the rise the upside remains significant.
Also, checked the latest broker research and brokers are starting to take some nibbles - these are likely sophs and not insto. When insto comes that’s when the party will really start.
BCC Price at posting:
56.5¢ Sentiment: None Disclosure: Held
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