This is not being shorted to any great extent. eg yesterday only around 2M shorted vs 36M volume. There are instos/funds dumping the crap out of this stock cause they want out. They are probably big funds cause its clear they don't care what price they get. This will be a small blip on their fund performance.
Until that volume is done, no point trying to guess the bottom. Needs to hit a value point for another insto to take a long term bet. Not sure where that is.
You probably should be complaining to the ASX as it appears the guidance and results are way off expectation and they should be asking management when they became first aware of it and why it wasn't disclosed to the market earlier. Slap on the wrists is the most anyone gets in these scenarios.
Looks like a temporary bounce is in play for monday, irrespective of US markets. Hard to believe the dumper/s haven't managed to get out most of their position after 150M share treaded in 3 days from SOI of 260M shares! Crazy. I think traders, momentum investors and trend investors have been absolutely wiped out because all three types of traders were in play until 3 days ago, so stop losses have continued to break their support levels/MAs etc.
Could be a decent bounce initially but a lot of damage has been done to the APX chart. Will be hard to work through all those new resistance levels without decent news.
I'm in for a trade for now.
APX Price at posting:
$1.31 Sentiment: Buy Disclosure: Held
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