There were only 21,519 short sales yesterday, withover 1m shares traded, so yesterday's collapse cannot be blamed on shorters.
That only leaves some holders decided to sell nearly a million shares. A look at the changing register would be interesting. Was yesterdays collapse by a large holder trying to drop the SP before any cap raise, or was it just normal share holders deciding enough is enough.
Either scenario is bad news. This mornings trading is interesting as well. It took only 90k shares to dropv the price to $1.03, with a vacuum between about $1.10 and $1.03 on the way down, then about 90k shares at $1.03, then the same vacuum on the way back up to $1.10, then lots of resistence as we went to $1.14, ie plenty of sellers.
For $1.03 to be the bottom, I would have liked to see much more volume at these levels, an indication that buyers are stepping up into the selling pressure. There is no such volume yet. $1.05 or 95c were the support points, it's been to the $1.05 (going an extra cent or two irrelevant IMO).
The company is doing nothing to stem the tide. They should be able to tell the market something bullish, surely.
Something with meat in it, otherwise this trend will continue, exactly as 6 or 8 of us have been saying for ages, yet instead of LT holders getting on the phone to Cloncurry demanding real information, you keep telling us we are wrong.
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