Several Brokers yesterday had sells on 29M, and the market expects the company will need to do a capital raising, so the shorters
are having a party.
Production numbers looked ordinary so unfortunately the market is crushing the share price.
I don't know where the floor is on this stock, and when a stock is on freefall its best to stay out and on the sidelines.
There will definately be a bounce, but caution on catching falling knives, its a destructive way of losing capital quickly.
I think 29M will be a buy at some stage, but until they raise money, and quickly, the shorters at this low sentiment will drive the price lower.
Caution is the best policy, I lost thousands years ago on a stock called Atlas Iron - AGO was a darling at $4 and crashed to 4 cents.....Unfortunately
the market is too bearish at moment on 29M
Good luck to all, Brokers are seeking a capital raising so I will wait until that occurs before dipping into 29M, just my opinion.
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Last
44.5¢ |
Change
0.020(4.71%) |
Mkt cap ! $312.3M |
Open | High | Low | Value | Volume |
43.0¢ | 45.5¢ | 43.0¢ | $1.188M | 2.681M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
4 | 51384 | 43.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
44.5¢ | 41310 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
4 | 51384 | 0.435 |
3 | 25651 | 0.430 |
2 | 50833 | 0.425 |
9 | 149494 | 0.420 |
5 | 138819 | 0.415 |
Price($) | Vol. | No. |
---|---|---|
0.445 | 28070 | 1 |
0.450 | 200000 | 3 |
0.455 | 2439 | 1 |
0.460 | 70173 | 3 |
0.465 | 220700 | 2 |
Last trade - 16.10pm 05/07/2024 (20 minute delay) ? |
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29M (ASX) Chart |