I enjoy this forum as it gives so many an opportunity to voice opinions, however diverse.
I had my eye fixed on the trades from 3pm to 4pm and the adjustments after close. In the blink of an eye the entire block roughly of sell orders at 0.495 (300,000 units) and 0.50 (600,000 units or so) were gone. It is the large institutions running the show here. They made a decision to buy a block of 800,000 shares on close today, that is all. When they subsequently browse these forums tonight and see + signs everywhere and charts which suggest that we think we've suddenly uncovered a "signal" that the stock will suddenly rally to 53c tomorrow, just on the basis of their decision to buy a block of 800,000 shares, they must be scratching their heads thinking we are deluded fools and that this is easier than taking candy from a baby.
All share price movements were caused by a handful of the largest institutions today. There is no "rally" signal here, nor is there a "dump" signal. When you have uninformed investors hysterically jumping headfirst into a stock without doing basic research consequently causing the share price to rise exponentially, then charts may be of some limited use. But, please, the impulsive masses were not involved today - most transactions just occurred between the majors - so reading charts at this point is just going to cloud your decision making in the coming weeks and will probably make you vulnerable to exploitation by the majors.
I would welcome a reasonable, rational rebuttal, especially from rallypoint, pocko or mitta.
MEO Price at posting:
50.0¢ Sentiment: Hold Disclosure: Held
