PAA 0.00% 22.0¢ pharmaust limited

Daily ChartSoooo we saw a slump after breaking the uptrend...

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    Daily Chart
    Soooo we saw a slump after breaking the uptrend (purple line) then we tumbled through 20 day EMA/Bollinger Mean and saw a similar drop (I was expecting a bounce) Any self-respecting trader would have chucked it in at that point (hence the drop from .35 to .31/.305) yet here I am holding... a pillow as I gaze at the portrait of Roger Aston I drew on the damp wall of my dormitory in 2015.
    I was expecting .31 to .305 as the next level of support - nothing strong- but was hoping that the support found a few weeks ago at this level (red circle) would repeat, especially as it coincided with bottom of Bollinger and would have mean-reversion wanting it to head back north. Instead, we are staring down the barrel of what could be the start of a ST downtrend.
    I am clearly not in the demographic to promote conspiracy theories, yet the long red bar on 17th April tested this support level on low volume and was rightly met with an attempted reversal green bar on 18th with similar volume- normally a sign of renewed strength, yet it took place at an obvious stop-loss level and the trading down through this could have, according to one of the orderlies on my ward, been a stop-hunt by accumulators. If so, then who are they? (Buckland? NZT? Colin Lagalia??) Would they be so brazen to make .26/.255 their next stop-hunt?? If the buy wall at .265 stays firm, then this could well absorb the above move (I wonder who is sitting there?)
    This all sounds a bit far-fetched, but if you ignore my outrageous remarks above and limit one's contemplations to the basic TA at play, the technicals present a more cogent theory for the recent price action than the "imminent CR/lack of management/WW3" bile on the FA threads.
    The last two weeks of weakness have only been on small volume, which screams nothing to me. We are sat at the bottom of Bollinger and there is a gap that wants filling at .345
    I try not to look at the buy/sell stack, as volume can jump from off screen at any time, yet there is a conspicuous lack of sell orders between here and .38 - hardly a rush to the exits.
    The last few days have seen a pattern of small sells and larger buys (the last week or so was the other way around) so this to me says that accumulation is now happening (rather than the recent TA selling) So perhaps we are at the turning point, yet if this doesn't stabilize soon, then hello mid-20's

    https://hotcopper.com.au/data/attachments/6119/6119027-3f6e3825958861a5b0d00747d2e00a5f.jpg
 
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