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4.1¢ incannex healthcare limited

Cheers, Lurker, appreciate the analysis

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stevehoff

320 Posts.

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03/08/23

11:58

Post #: 69134891
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Originally posted by Lurker99: ↑

This may be better on the chart thread, but in answer to your question the bigger unloading (so far) happened yesterday.

The long-standing support of 10c was hammered yesterday and so far, no buyers are stepping in to fill the void. On the technicals, IHL has another support line around the 8c mark, a smaller one at 9c but unless you see buyers then these won't hold.

Why is this happening?

Crappy day on the markets yesterday and today, disgruntled holders sitting on large losses, the move to the U.S has forced many people to either realize a big loss or stay on for the ride.

I think the sad reality here is that our numbered days on the ASX won't yield much more positive fruit.

When you consider the content and the progress made in the last 18 months or so from the announcements and sit it alongside the never-ending slide in the SP, what reasonable case can be made for a sudden change in sentiment from an exchange the company is leaving?

My personal view is that we won't see a huge volume or surplus of buyers again on the ASX, regardless of what we announce. So anyone looking to exit before the move is looking at an ever-dwindling SP and that's going to encourage more panic selling.

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Cheers, Lurker, appreciate the analysis

IHL Price at posting: 9.4¢ Sentiment: Buy Disclosure: Held
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