Which gap
Wendel…..? ( ref. your post :
https://hotcopper.com.au/posts/29253959/single )
The only recent gap created on my Daily Candlesticks Chart was on 20 Nov – & only between
the low on that day of 48c &
the high on the prev. day 17 Nov.
This gap was well & truly filled on 21 Nov. by the high on that day of 49c & the low of 43.
I do agree with you though that either tomorrow, or soon thereafter, there will be some retracement –
due IMO to some of the latest CR subscribers selling off enough stock to push the price down, but probably not down to as low as 43, because now that some savvy fund managers know that the Company’s MC will be > $100m as from tomorrow – provided that the SP remains above 45c ($100m div. by the new issued capital of 223m shares = 44.8c/share) - I’d expect those managers to soak up some of what the CR subscribers choose to sell.
All the above IMO of course,
&
in the absence of a market-sensitive Ann occurring next week
out of currently 43 total sellers – excluding Chi-X’ers -
there’s a wall – that has been in existence for several days now - of 21, wanting to sell close to 867k shares between 49c & 51c.
This has to be demolished, before the SP takes off again, this time IMO,to ~ 57 or 58 min., being a 16c rise from the last higher low of 41.5 on 24 Nov.
I suggest that 16c as also the next-rise-to-be, based on my chart’s “trend channel” recording the same 16c rise
- from the previous higher low of 33.5 on 30 Oct
- to the peak of 49.5! on 20 Nov
- before the small retracement since.
By way of note, the rise before that was close to 16, but stopped at 14c
– from the unexpected major low of 26c reached on 04 Oct, “caused” by the original PFS’s “re-issue”
– to the high of 40c on 23 Oct. which thus became a “resistance” level
because of the immediate retracement over the next 5 days, back to the 33.5! ref. to in the prev. para. of this post.
I’d expect budding chart fiends to have some interest in all the above, but to those of you who are not so “fiendish”,
but who do use charting software, to help with their trading decisions, might also appreciate reading this interpretation of what I expect the SP to do soon. Guata.
(20min delay)