Volume has been decreasing throughout the week => selling is abating!
My 4 favorite technical indicators as shown on the chart:
- Fast stochastic: Overbought, could flip to the downside (Hold)
- MACD:Just flipped to the up side (Buy)
- RSI: Still flat but just moved out of the short term downtrend (Hold)
- Slow Stochastic:Just flipped to the downside (Sell)
- Overall, it is pretty neutral and it had to be a Hold.
As there are still 11 trading sessions, any positive news would push the SP to anywhere between the last 2 peaks of 18c and 20.5c before the year ends. Honestly for the LT holders, there are no downside risk apart from a market wobblie and a shrinking base of profit takers. With the ASX index reaching a plateau at pre-Covid level, it needs further impetus to break above and right now I really couldn't think of any to the end of year. The sellers 2 weeks ago were most likely rotating their money into the banking, travel and oil stocks. But those stocks are now slowing and some pros are starting to take profit.
#andrewk65 raised a question in his Post #: 49489945 about the 1 share traded on close. I have done a couple of screenshots below to explain the situation:
At 4:09:59 the buy/sell queue looks like this. A Buyer with 5,000 shares at 16c, a Seller offering 4,999 shares at 14.5c, and the matched price was 15c. So this seller has effectively jumped the queue of 214,620 shares on offer. The reason NOT to sell 5,000 @ 14.5c was it would make the "matched price" = 14.5c.
When the market is closed, the 4,999 shares were transacted and the shortfall of 1 share had to come from the seller queue of 214,620 shares @ 15c.
There are always people who would want the closing price higher so they could sell more the next day. On the other hand, there are some who would like to push the closing price lower to create fear, so they could buy cheaper as the weaker hands would start to sell lower when market reopens. Hope this explanation helps to understand the psychology of traders.
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.![]()
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Last
12.0¢ |
Change
-0.010(7.69%) |
Mkt cap ! $559.9M |
Open | High | Low | Value | Volume |
13.0¢ | 13.0¢ | 11.5¢ | $308.5K | 2.533M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
7 | 358350 | 11.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
12.0¢ | 371822 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
6 | 317789 | 0.115 |
11 | 637126 | 0.110 |
10 | 1183875 | 0.105 |
13 | 2325475 | 0.100 |
3 | 113721 | 0.099 |
Price($) | Vol. | No. |
---|---|---|
0.120 | 371822 | 1 |
0.125 | 217835 | 3 |
0.130 | 619798 | 7 |
0.135 | 100000 | 1 |
0.140 | 721230 | 7 |
Last trade - 16.10pm 03/09/2024 (20 minute delay) ? |
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PYC (ASX) Chart |