Since transforming from a mining co. to a biotech it was interesting to study the price chart for the first June tax loss selling period of 2002 and each subsequent period.
Most of the selling and drops in prices were done in the early months of the year and not in June.
I've got a pattern forming starting from the low on 30/05/2003 sloping down touching each lower-low and the high on 08/08/2003 sloping down touching each lower high at the extremes to form a perfect falling wedge. For those not too familiar with the implications of such a pattern I'd recommend a search on ya fav. engine (google, yahoo, ninemsn etc..) for the word "falling wedge" regarding Technical Analysis.
Also intersting to note that the initial points to our wedge had a surge in the shareprice from 21c to 50c over 9 weeks . I see that 21c mark as the first target in the next nine-ten weeks and I reckon an announcement re. Astrazen deal will be the trigger.
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Open | High | Low | Value | Volume |
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14 | 162586 | 0.440 |
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11 | 102378 | 0.430 |
7 | 67040 | 0.425 |
Price($) | Vol. | No. |
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0.450 | 112625 | 3 |
0.455 | 18103 | 4 |
0.460 | 148695 | 6 |
0.465 | 57354 | 4 |
0.470 | 46486 | 3 |
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