Few points
1. Extreme levels of RSI @ 18...
2. Saw 70k on the bid yesterday at 103 and the sellers didn't hit it.. tells me that perhaps we are near the bottom
3. As per annual report, only 8 shareholders have > 100k shares and half of those don't trade.. therefore is the selling NEARLY complete?
4. SELLER is at 105, and is hitting any decent sized bid, so watch for when a bid size > 10k remains.. that may indicate they are complete
5. PATERSONS... who are the only broker who cover... have a price of $2.08.. is it a surprise then to see them trade 500-600k shares in the past two days. My hunch is that they were buying? why would they tell their clients to sell when they have a target price 100% up from here.
6. Centrelink crosses are going through, again watch any prints which are midspread. if we get a movement upwards with no more centrelink crosses then this again could mean we have bottomed.
Its high/risk reward, and earnings are out soon, so we should get abit more clarity. I think there is a higher risk of fraud with Chinese companies, but if there is nothing dodgy going on - then the fundamentals say this is extremely cheap/undervalued.
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Goodluck.
PB.
Bottoming complete or more to come?
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