I agree - It may take some time for the announcement to sink in, there may also be an element of accumulation going on as there is a very bullish Flag/pennant developing on the PEK daily chart.
This consolidation in the Flag pattern once broken will aid in the sustainability of the next run.
I think traders in the Rare earth sector have been spoiled by near vertical runs on the back of Rare earths news in other stocks, i see the consolidation as a strong positive for the stock in the lead up to further confirmation of results.
Stochastics are now pulling back from an overbought condition and the bollingers have widened nicely after the stock blew through them on the way up. There is nothing to be concerned about here as evident by the small volume on the sell down as opposed to the massive volume on the way up.
All looks good to me.
important highlights, page-5
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Last
18.5¢ |
Change
0.005(2.78%) |
Mkt cap ! $49.28M | |||
| Open | High | Low | Value | Volume |
| 18.0¢ | 18.5¢ | 18.0¢ | $16.42K | 90.98K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 101569 | 18.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 18.5¢ | 34939 | 1 |
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| Last trade - 15.45pm 12/07/2024 (20 minute delay) ? |
| PEK (ASX) Chart |