What we initially thought was hidden buying yesterday does not appear to have been confirmed with today's trading.
Today's action, gapped down, pierced below a recent support line into prime stop loss territory and bounced off strongly.
Volume was slightly higher than yesterday with an even greater true range spread.
2 conclusions in mind:
1. Volume today indicates the buying we thought we saw yesterday has been dumped on market.
2. Aggressive attempt to accumulate and shake the loose shares out, given the volume, there was plenty.
I now expect further side ways/mopping up activity and would need to see a low volume test of the $16.50 line before looking at a long entry.
What we initially thought was hidden buying yesterday does not...
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Last
4,260.9 |
Change
18.700(0.44%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 4,242.2 | 4,269.3 | 4,242.2 |
| XTL (ASX) Chart |