I'll go with my theory.
It took a lot of cash to move the needle from $15 to $25 last year.
And there's no doubt that some were burned or are HODL and don't want to add more.
Maybe people threw everything at it when it dropped to $18 and cant add more?
The instos on the other hand will just accumulate. And its probably them playing the game.
Some retail will feel that they've been here long enough. (I've seen that mentioned a bit). Some retail won't want to go through another Ph3
And let's not forget. We are ASX200 now. All funds need to keep balance. So they'll move with the wind.
I am actually surprised we aren't up closer to $30. But, it wouldn't be the first time I've been surprised by market reaction.
Maybe the chartist got it right Jimbo? lol
I'll go with my theory. It took a lot of cash to move the needle...
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