From a trading perspective this was a pretty clean advance where a lot of obvious stops would be trailed below the line and swing lows. Liquidity is needed to unwind a position profitably.
Bases take a long time to build and shake out the traders and weak hands. The 30week ema would act as a counter weight for price to tighten around before a meaningful high probability breakout. Market makers will exploit trader logic and seek their liquidity to create a large position. Longs will have opportunities to build their position in a discount area soon enough so watch for key level support. I think there will be further ranging for some time yet.
Price is pretty close to where the majority of agreed upon trading has happened (before the significant change in structure) so support should be close.
From a trading perspective this was a pretty clean advance where...
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Last
$2.58 |
Change
0.020(0.78%) |
Mkt cap ! $1.780B | |||
| Open | High | Low | Value | Volume |
| $2.61 | $2.63 | $2.56 | $2.465M | 952.5K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 10700 | $2.57 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.58 | 24502 | 5 |
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| Last trade - 16.10pm 26/07/2024 (20 minute delay) ? |
| PNV (ASX) Chart |