SMN technical analysis chart, page-774

Hi Folks

Todays candle was unusual. While the volume was significant, not overwhelming. It looked like someone was picking some sizeable parcels and then backing off. I saw 84K at 60c taken out early then again at 3.20pm 4 parcels totaling another 80k taken out in a minute again at 60c.

With the sizeable price rise (52-74) early it might have attracted a few day traders, Difficult to know whose who.. I'm fairly confident that someone was accumulating at 60c and maybe dabbling with smaller parcels in the higher 60's.

The sellers are thin on the ground so blatant buying would serve the purpose and force the price up too quickly. If I had the cash and wanted to take a good position I would be using the same tactic, snapping some good parcels and then backing off. All the time watching out for the day traders traps for the foolhardy.

Even back away at times and let the seller worry if the price retreats. Basically tactics. It all comes down to whether this is a serious accumulation or just some speculator with not so deep pockets.

I did see 34k at one point towards the end before the auction, from a seller at 70.5, then it disappeared. Not so sure how to read that. Withdrawn maybe?

I think the action over a number of days, not just tomorrow, will reveal the story. False start or not, deep pockets or not.

Certainly less boring than the last 3 weeks. Maybe even a speeding ticket tomorrow.

Actually fun to watch the action. DYOR

cheers Lies


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