I don't really do TA, I mean I do look at it but i'm by no means an expert. Today was a weird day.
Hard to say exactly what is happening but this is my thoughts...
On that 10th July - the total volume traded was 3.8m (at least on ASX), of which 2.8m went through in the first half hour - driving up to 6c. Someone scooped up everything between 4.9-6 in one deft move. I know I didn't sell today, and if I did, certainly wouldn't be in the millions. So looking at today with 1.1m through, I believe we are being gamed by someone with a lot of shares at their disposal. Push it down, draw out supply, and scoop up. IMO.
The sell stack..There's currently 1.2m or so for sale between 4.5-5.5, 300k roughly from 5.5c to 10c and another 1m sitting at 10c. Considering how in control the T20 are and how little liquidity there is in this one...I rekon if you see that 4c level - 5.5c level get more loaded we will see a move back up in more or less one movement.
The buy stack...3.6m total, 1m of which is 0.001c, 0.5m at 0.002c, 1m at 0.009c. So if you ignore everything below 1c, leaves with 1.05m from 0.012c to 0.044c - Table below.
1 | 6,669 | 0.044 |
3 | 329,472 | 0.043 |
1 | 100,000 | 0.041 |
2 | 300,000 | 0.040 |
2 | 220,000 | 0.035 |
1 | 100,000 | 0.030 |
1 | 21,000 | 0.012 |
So based on after market numbers 18/7/24, the most obvious suggestion for "where is support" is 0.043c, and 0.04c. I see that 0.043 is a touch above the 0.382 fib retrace drawn on the chart above...so that's a possibility? See if 0.043c gets loaded up tomorrow or not...If buyers don't step up however, I imagine it continues down, where it stops, who knows, the sellers stack up and this plays into someone who wants to accumulate lowers plans.
Another point to note (one again IMO), is that the recent $3m loan Sprintex recieved from China Automotive Holdings - and 600k from 2 sophisticated investors, was announced right before our rise from 0.015c. Once again this was as a convertible note agreement...I can't quite get my head around who has supplied what but also noted in the Notice of General meeting announcement it looks like the directors also put money into Sprintex via their own companies in exchange for Convertible notes...From the loan announcement - "The conversion price will be determined as the higher of a 20% discount to the volume-weightedaverage price of Shares on the ASX over the 15 trading days preceding conversion, or A$0.03 per Share." So it could also possibly be a play to push the price down to maximize leverage of the excise of notes. Dunno. The con-note thing confuses the hell out of me and I can't follow it.
Looking at some other technical indicators for Sprintex
Bollinger Bands have contracted somewhat and recent price action has been around the lower level on 15m, 1h and 1d charts.
EMAs don't tell much here, using 20,50,100,200 as my settings on 15m and 1h charts trending downward. Trending upward on 1d chart.
RSI trending lower all 3 charts. Hit oversold IMO 15m (duh we can see that, obviously)
MACD sitting below signal lines all 3 charts.
So not much there to indicate sidewards movement, more than likely to continue downwards if anything...purely based on TA.
I'm not that worried about the price at the moment but I do hope they pull it together soon, I have seen the SOI increase by...something like 200% since I first invested. Ball appears to be rolling in the right direction but I hope that this is the last time notes are issued. Surely with the performance incentives for the directors they can manage to generate some profit to fund us going forward...I mean, its in their best interests too...
GLTAH. All IMO only.
OP.
