PLS 2.81% $3.11 pilbara minerals limited

Hi FolksLast Sunday I posted this chart. Things for the first 4...

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    Hi Folks

    Last Sunday I posted this chart. Things for the first 4 days went according to forecast. For announcement day I had a ? as I didn't know what the div would be of the markets reaction to it.

    Before the market opened I saw the div announcement of 14c. I thought that the market would treat this in the acceptable range.

    I was wrong there was an opening attack reflected in the 10am hourly candle. Yesterdays close 5.11 , 10am hourly candle low 4.675 that's a 54c drop about 8.5% on huge volume. We know whose responsible. Hard to fight such a concerted attack.

    Notice on my chart I have an ex-div ellipse (red) that after yesterdays close of 5.11 looked very suspect. Not so suspect today. Ex-div date 5th Sep so 6 more TD's to go until ex-div. Under 4.53 becomes a critical indicator as it brings my blue box ( ex-div low) into play. If 4.53 is breached then 4.27 becomes important as it could become support for a double bottom.

    Below 4.27 opens a whole new can of worms to be explored if it happens.

    I use dice odds to give a weight to my opinion the possibilities as of todays close.
    * Not forming a low below 4.53 ex-div (3/36)
    * Forming a low ex-div in the range 4.22 - 4.52 ( this includes a double bottom formation around 4.27, 4.22 would be acceptable) (21/36). Some covering could occur in this range,
    * Breaking below 4.22 to form an ex-div low (12/36) Yesterday these odds would have been lower, but a 54c drop in one hour cannot be ignored.

    I have posted a second chart that covers the announcement week and includes todays action.

    Just the way I deal with the markets so that I am not surprised, as always DYOR.

    cheers Lies

    https://hotcopper.com.au/data/attachments/5538/5538832-18284cac413043f6aeee0904b181a2f1.jpg

    https://hotcopper.com.au/data/attachments/5539/5539028-7b248ce75105836d16826522cd4d92d1.jpg

 
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