Morning all, couple of charts i put together last night
Caution required around the board today as the spec market is looking pretty weak at the moment.
4DS Failed to break 13 cents now multiple times, the churn on this stock is insane up here, which tells me there is alot of distribution going on by some bigger players, taking a look at the broker data it pretty much shows they are just churning and sucking retail buyers in. I would expect to see this below 10 cents in the very ST
4DS data you can see the bigger NET buyer and churn is commsec and Westpac. At the bottom you can see pretty much all the NET sellers are brokers, with the highest churn coming from Open Markets ( alot of broking houses are now using these guys churn out there stock because of its superior API functionality and features to move stocks )
AB1 Great chart and they marked it up in the close yesterday as expected. A bit of a trap if you ask me, but i think this stock has plenty to give. Stock is slightly in overbought territory. But this can be overcome with volume. I would be looking for a pull back into the mid to high 9's for an entry. They look to be setting it up for a high volume distribution event in the low teens. Patience required. Should offer based on yesterdays action. You also cant ignore all that supply to the left of the chart.
CCZ Looks to have finally settled down now, range tightened right up, looks to be in the buy zone now for the next set of news and results. Should see a test of 4.6 over the coming days.
IVZ Mentioned this one a few sessions back, shaping up well. range tightened up and rejecting lower prices. Possible move soon as the volume has dropped right off.
PAB Very much liking this chart, volume is not quite there yet. Would like to see this come back and test that 4.5-4.,7 area on light volume before it attacks the 5's. My ST target still remains 5.2. Some bigger volume required to get to the next target.
POH This looks pretty ugly, big distribution yesterday after a bit of fomo around news which to me didnt mean too much in the scheme of things. Probably needs to come back and test that 2.2 to break and consolidate here.
IPB Likely to close that gap today, i would be looking for an entry below 7 cents though for a potential bounce, normally i would just buy the gap close on a stock like this especially with the volume consistently dropping off last few days, but i think it has the likely hood over overshooting the gap. One to watch i probably wont be trading it though
BCT Bounced as expected off that 6.1/6.2 showing that original high volume bar is now acting as support. Some pretty decent action late in the day suggesting a push back into the 7's is possible today. Will be looking for any quick pull back this morning for a possible entry. I like the action on this one over IPB. Looks more bullish.
