For a moment I thought my computer or the ASX has been hacked!...

For a moment I thought my computer or the ASX has been hacked! The Buy queue was virtually empty.

It is a FLASH CRASH!

There are many scenarios that would trigger a complete sell down like that. Those came into my mind are as follows.

1. Professionals at work - create a panic to cause the weaker hands to sell while they keep accumulating at a heavy discount.
2. Tax minimisation.
3. Someone needs money badly and liquidates the PYC shares at any price.
4. A trading robot malfunctioned.

andrewk65 you could be very close in in your guess.i.e. scenario #2 above. My guess is #1 given the timing of the Evercore ISI Conference presentation last night in the US. To the trader's dismay, the recovery was so fast and at equal strength. A total of 1,352,828 shares were sold down in 15 minutes between 2:41 and 2:56PM. But the the SP recovered spectacularly to 15.5c on the close with 1,240,235 shares bought. It was only shy of 112,593 share on close which is nothing after this 2.5M share churn and V-shape recover in an hour..

Technical Indicators:

• Fast Stochastic - continues to trend upwards;
• MACD - about to flip to the upside;
• RSI - Stayed at 39 from Monday last week;
• Slow Stochastic - flipped to the upside today!
• Today's close at 15.5c which is well within the uptrend channel. So the uptrend is intact.
  

The big dip and recovery has resulted in a Dragonfly Doji today. It is typically interpreted as a bullish reversal candlestick chart pattern that mainly occurs at the bottom of downtrends. It proves that PYC is well supported by LT investors with great confidence. Let's hope the worst days are behind us and prudent buyers from the US would start to come through.

These are my analysis and TA thoughts, DYOR! If you would like more of these charts and analysis, please click the "Great analysis" button for encouragement.

Chart 1 - PYC Intraday 1 sec. chart


Chart 2 - PYC Daily Chart