Entry for STT list – BOOM LOGISTICS – (BOL)
Mining Services
Construction
Cranes
Australia Wide
Technical Analysis
The Mining Services Sector has been absolutely trashed lately but in the last few days has been showing a turnaround.
As BOL is very well correlated (r2=0.83 with Mining Services sector it would probably be valid that it turns also. A correlation of 1.0 is a perfect correlation.
You can see how the Mining Services companies are split into two with two sets of movements. One set above the mean with a flatter trajectory and the other being really punished. BOL is way oversold here.
Now to the chart itself. You can see how it has held up during the last 4 days on above average volume. Possibly due to Commonwealth bank buying as they just put a notice in. Analyst targets if you can believe them are also around 21c.
PRESENT TRADING ACTION
Looks like lots of buying/selling amongst the same entity or scalping perhaps.
Most sales being at 0.12 except for the blatant manipulation at the close.
Entry for STT list – BOOM LOGISTICS – (BOL) Mining Services...
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