Dont be affraid to throw a post out there, the more the better..
today was brutal for the long side depending on where you invested...
You raise a big question following what has been a big fall from 39.75...forgive me for my rant as I think outloud
I have no idea where it is going in the near term now that 31.20 has been broken, this was a level fought over many times in the last year as the SP tried for 37 again... the last big intraday fall was to 31.56 and she failed today. It feels as though alot of hard fought milestones have been given back and sentiment seems low.
Test of $30 coming with POG undecided with its direction,,,a test of $1000 and bounce or claiming $1100 for a breather...this uncertainty is also causing jitters, or it is to me anyway.
MAny of the fundamentals are in tacks, business is profitable, just waiting on production confirmation and POG to stabilise
Many shares on my watch have all broken down and the market has again failed to sustain 4700 so I think maybe the market will drift alittle bit lower (4400 maybe )and bounce within a range...
From a basic technical view,,the highs are lower and the lows just keep coming, which is negative and this may sway some traders.
Maybe alot of foriegn holders are jumping with the AUD eroding their investments and the share price falling what seems like along way,,,some of these holders would have really been pounded with the AUD appreciation and share price fall...today it felt like there was a bit of a flush. Which may see a bounce but POG is the key tonight imo
From a trading standpoint, having fallen from 39.75 with so many shorts registered there is bound to be a short covering bounce(s) at some stage...we have had some last year in the range of 29.80-31.80 with breakdowns to 27.71 and breakouts from range to 34.20.... It will be interesting to see if history repeats itself....
From experience (not all good) the swings in this range are quick and i was often up nicely only to have a coffee and become a fool who was now 60 or 80 cents down...
Lets see who takes the strain to defend $30, this will be a key level I suppose...
Profits to all
NCM Price at posting:
$30.75 Sentiment: Hold Disclosure: Not Held
