Is the bottom done for this phase?.Yes RCR had a small drop from 10.5 to 10 on a weekly basis. Volume still good, average over 6m per day, close to 8m today. So a good interest in the stock even though it was bottom fishing..So what is happening? This week I felt was one where we may look for the bottom of this phase. It reached 8.6 on average volume. Last couple of days it is giving an indication that it may have done its bottom play. Especially today there was some intent to hold the price and get to double digits. It was successful, so a small win there. Although probability of 8.6 being low of this phase is good, but I feel we still need confirmation. I feel we need to get to 12 before we can be complacent. So still some work to do. But if 8.6 holds, it will be very positive as last time we reached 6.4 before recovering..Personally I had written last week that I would like high 9s to hold. When it didn't look like holding, I let go some. But bought back at 9.1 yesterday. So not much gain in selling. My average was just under 10.5, now it's at 10. So I am at break even now. Have bought at 11, 10.5, 10 and 9.1, and sold some at 9.8, in this phase after exiting at 14.5. At this stage, my gut feel is good. I can sense a move up shortly. Will add more next week if high 9s is looking like holding. I feel we could get over 16.5 in this phase, but some results too need to support us. This is my fourth play here, it's been nice to me, hopefully the trend continues..So what may happen next week? Any announcement may take over the play. But till we don't get an announcement, technicals and sentiment may be a big factor. Based on my trading pattern, it's looking good. Let's hope we see this momentum from today continue to next week. Enjoy your weekend and all the best.
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Last
2.8¢ |
Change
-0.001(3.45%) |
Mkt cap ! $8.191M |
Open | High | Low | Value | Volume |
2.9¢ | 3.0¢ | 2.8¢ | $62.98K | 2.160M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
5 | 414209 | 2.8¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
3.0¢ | 542550 | 4 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
5 | 414209 | 0.028 |
2 | 84482 | 0.027 |
2 | 150384 | 0.026 |
2 | 89880 | 0.025 |
1 | 200000 | 0.024 |
Price($) | Vol. | No. |
---|---|---|
0.030 | 442550 | 3 |
0.032 | 261500 | 3 |
0.033 | 630362 | 2 |
0.034 | 120000 | 2 |
0.035 | 80000 | 2 |
Last trade - 16.10pm 30/08/2024 (20 minute delay) ? |
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RCR (ASX) Chart |
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Mark Waller, MD
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