Overcame the heavy suppression at 47c today. Huge volume of new shares have hit the market but looks like it is finally going volatile after a few weeks of flat trading, so it will become tradeable again.
I have traded this a few times and will buy on any pullback if I have capital available.
There is no telling where this is being targetted as fairly priced now the banks successfully suppressed the retail entitlement.
IMO it could go over 60c. Not based on the graph but based on the balance sheet in comparison to others with similar gearing. But that might take some time due to the huge issue of fresh shares. Just depends on what the banks game plan is.
Institutional shareholders unlikely to be dumping below 50 IMO but it is likely to see some resistance around 49.5 - 50.
IOF Price at posting:
$1.96 Sentiment: None Disclosure: Held
