Wrighty,, When a SP hits a round number 10c, 20c, etc etc, you'll find some natural resistance if in an uptrend,, or support if in a downtrend. Main reason being, psychologically people choose round numbers as targets... A bit like "I want to lose 10kg by Easter" Why Easter?,,, just a convenient and nominal target.
The other issue with congestion around the 10c mark is that the buy sell spread all of a sudden becomes 0.5c instead of 0.1c... It can be a slight psychological barrier. When thinking if I buy and want (have) to sell again , I've blown 5% straight away... or I have to make a big leap to buy at 5% above the other buys.
On the other hand, should the trend continue,, (or even have a weekly close above 10c) the outlook for the SP is pretty bullish. If the POS consolidates around the 27.95 - 28.30 for a few days (or another decent ann pops), the SP is likely to hold and consolidate around the low teens for the next move up... here's to hoping anyway!
IVR Price at posting:
10.5¢ Sentiment: Buy Disclosure: Held
