Most times bear rally = short covering and not genuine buying. The week of 8th March is a sure sign that price struggle past the recent resistance at the time and formed a reversal bar. The rotation of price hitting that weekly resistance was suggesting to me that there was a very likelihood of a triple bottom formation with the DB in place. Some would argue that triple bottom potential is a good sign price should hold but when it doesn't, you see a rush of bull stops gets taken out and bears on the sideline jumps in.
I know Crude is not the real trigger since STO is more a gas play but the correlation of crude to gas is very positive.
stand by for CR, EPS downgrade, writedowns, page-88
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Last
$7.15 |
Change
-0.020(0.28%) |
Mkt cap ! $23.22B | |||
| Open | High | Low | Value | Volume |
| $7.16 | $7.17 | $7.12 | $56.91M | 7.961M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 5 | 22411 | $7.14 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $7.16 | 31180 | 5 |
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| Last trade - 16.10pm 03/10/2024 (20 minute delay) ? |
| STO (ASX) Chart |