'its not the stubborn chart its the stubborn daytraders that sell at 6c...
Do these investors want to see the price stop at 6 cents each time!!!
damn sellers'
Really?
9 million traded yesterday at a VWAP of 5.78c
About 2.5 million traded this morning before it hit 6c.
Let's hypothesise that those 11.5 million added together were responsible for all the selling volume from the time the ann when out. That puts the shareprice back down to 5.7c at 10:41am. Now that these 'daytraders' are out of all their stock and the price is below the VWAP how can they keep selling.
It went from 5.7c down to 5.4c on only 1.2 million volume. Discounting those that bought at 5.5c and 5.6c after hitting 5.4c it went down to 5.2c on only 3 million volume.
4.2 million worth of sales pushed this stock down after 38 million were traded above the value it ended at.
If I was investing in this I would think that I had half a clue how the company worked, what their prospects are and a working knowledge of coal and an ability to read the announcements. Too many people relying on others to do their homework for them just following market sentiment instead. If you're here for a trade you should have got out before it went back to 5.7c, if you're feeling burnt maybe trading isn't for you. If you're here long term, go watch a video of some girl jiggling her ass on youtube because today changes nothing.
Damn daytraders..
NMR Price at posting:
5.1¢ Sentiment: None Disclosure: Held
