This weeks charts are are still showing the same patterns.
That is, on the daily it appears as though the sp is still being “kept” down while accumulation is ongoing.
The retest of the weeks low was on very low volume so don’t see it as anything of significance.
So far the volume momentum has not been enough to push it down to the $0.086 line. That may or may not happen but if it does then I believe that it will be short lived given the amount of shares that have been bought below the centre of the range at the avg. price of $0.094. Most of the accumulation appears to be below the centre of the range & up to $0.095.
The weekly chart is equally boring with the stoch. again skating along the bottom & nearly as low as it’s ever been.
The volume has been decreasing also & is now the lowest for three weeks with barely a million traded. The potential is still there for it to retest the $0.086 low.
All together a pretty depressing sight but at this stage I don’t see it doing much more than it has for the last 9 – 10 weeks.
As nothing fundamental has changed I still believe that the sp is being held down for accumulation purposes & is not being sold by any of the major players.
PSY Price at posting:
8.9¢ Sentiment: Buy Disclosure: Held
