I figured...and I suspect a few others...that we needed to see about 50m trade today, to get through 3c...but by the looks of it, it might take more.
This could be due to...
1. Additional 10m+ in the market now...vendor? 2. Churning from these people might add another 20m or so to resistance. 3. Genarally bad day on the XAO might also add another 10m or so sellers.
Assuming this is loosely correct, then we may need to see something like 90m trade before 3c falls...mmmm...might be strugling with this one today?
Anyway, today's announcement is good news, but I suspect most of it was probably already factored in, so holding the current price might be the best one could hope for in the short term.
Important numbers are 2.7 and 2.8.
If we see consolidation around these levels over the next few days, then we can expect to see it trade back towards the top of today's range in the not too distant future...even if only to get some of todays whales back out of the stock!
Sh!t day all round actually...might go fishing.
Cheers!
RRS Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
