ECS Price Action

Interesting Time now for ECS.

We have seen a big seller exiting ECS since 4cents, and dropping their holdings in 500k parcels they have dropped over 18 million units in these 500k parcels since the 4th of August. This volume that they have sold is of that only a top 20 holder would have, so we have a top 20 holder exiting here, I suspect this will be confirmed with an updated top 20 list.

I have requested an updated top 20 holders list from ECS which they are legally obligated to provide but yet to get a response, does anyone actually monitor emails at the office there, are any holders respected enough to be given a minute of their time, given that we have invested thousands of dollars with them? I do have a big gripe with Alex's and in turn the companies treatment of shareholders.

As of today we have some volume coming on to the bids (buying side of the order book) here at 3.3, 3.2, 3.1 and 3, whilst this maybe be comforting visually seeing volume supporting price, however we saw the the same thing above at 4, and it did not help at that level as seller just smashed through this volume dumping on market and half the buying volume was fake and they pulled off their orders when the price action got close to the order.

Looking at the orders here today at 3.3 and below, can see that a lot are new orders just placed during the day today, so brand new, so probably proping the market perhaps by the seller to try to get people to bid infront ot the 'size' and not actually intending to be done.

On a positive note, we are however at a technical support point: at 3.3 , and overeaseas ETFs might be seeing a turn. Not much volume goign through the price dumping today, albeit hardly any buying. less than 1 million shares so far today. only $30k AUD worth.

We are going to need to some catalyst to get something going, either overseas ETF taking a big bid, which is possible as with last market crash money did flow into cannabis stocks, almost like cannabis is a hedge on par with gold markets, or we could see some good news from the company ODC expansion granted, or like I have requested over and over again, facility update showing extraction machine installed, etc.



The above shows the ETFs (white charts) which have reached support levels from december 2020 and maybe look to turn, need to watch further for leads from oversaes. On the right (black background), can see the ECS order book, broken down by price on the left and then by each single order on the right. Can see a lot of these 500k sellers that were present just a day ago are no longer on the offer, they did not get filled however, so they are probably waiting off market to dump as people start bidding.

Given all this it does seem relatively safe buying from a fundamental and technical level here. Especially if we see the 500k seller finish. Could buy in at these levels and have a 2 tick stop (next support), with 11 tick target (latest swing high, which is good risk to reward risk 2 to get 11.)

GLTAH.