those buying on technicals are usually short term traders, who will sell once the momentum slows down (like it has the past couple of days).
I think it would be wrong to not mention that the 28 March volume and spike was due to the iTest announcement. Without that, the chart would have just drifted sideways for a while longer.
Which followed the Egypt US$20m contract on the 20th March... which also caused volumes and the share price to spike.
I prefer to not to try predict how the market will trade on a daily based on a chart... however I believe you can give more credence to a chart predicting where the price may be in several months... just not days.
IMO trying to do so just leads to disappointment... as you will end up being wrong many more times than right.
afterall trends form over months, and not days... I guess that is my point.
just my thoughts on an overcast Sydney day
Chart, page-5745
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Last
11.0¢ |
Change
-0.005(4.35%) |
Mkt cap ! $118.9M | |||
| Open | High | Low | Value | Volume |
| 11.5¢ | 11.5¢ | 10.0¢ | $11.70K | 108.2K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 21601 | 10.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 11.0¢ | 83691 | 3 |
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| Last trade - 12.51pm 26/06/2024 (20 minute delay) ? |
| FLC (ASX) Chart |