Regarding the profit taking from those that bought at below 25 cents I did some counting...
4,341,291 were traded on days where the low was below 25 cents. Some of those share may have been traded at higher than 25 cents, but this total number includes all shares traded this year below 25 cents. That's around 6.7% of all shares available.
Since hitting the recent lows and the turn around in the share price, 2,362,765 shares have traded on days where the low was at or above 28 cents. That's around 3.6% of all shares or 54.4% of shares traded below 25 cents!
Obviously not all of the selling volume traded at or above 28 cents has been profit taking, but I do get the impression that most of the profit taking - at this level of 28-30 cents - has been done.
Many of the buyers below 25 cents would be intending to hold.
I agree that time and lack of news tends to bring out the sellers but I think we've broken through most of the profit taking resistance.
But we'll see, there may be a new wave of impatient selling, who knows.
PGC Price at posting:
31.0¢ Sentiment: Buy Disclosure: Held
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