A couple of charts needed to give the overall picture. The first shows the descending trend line in play for quite a while now, pretty obvious what the situation is at the moment. A lot of traders would be watching for a trend line break before putting a toe in the water. I suspect the price would need to be closer to 75 cents to get some attention from a clear positive trend line break.
The second chart has the same trend line but obviously truncated because of the shorter timeline. I have circled the bearish pattern that formed on Thursday/Friday and was confirmed yesterday. Right now we seem to be in a 68/69 sideways pattern but too early to know if that will hold. The pretty wild closing auction yesterday suggests there is still some volatility to come until at least next week when the retail entitlements come on market and go through whatever that might entail.
The approaching report will be interesting to say the least.
Daily charts
hands up who took their full allocation, page-59
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