I think this share price rise has been because the sellers completely exhausted themselves in the plunge to $0.23 cents.
If you look at the daily volumes you can see that apart from 8/7 and 9/7 - which occurred around the market update and was the final shaking out of sellers and also captured much of the profit takers from the lows - the volume has been light since $0.23 on the 23/6.
So yes I agree with joewolf that the buyers are wanting in and are prepared to pay whatever is on offer, and this has been in the absence of any sellers. With volumes being pretty low as joewolf also pointed out I think we might see a bit of resistance coming in soon.
This will now depend on new buyers in the short term to sustain the rise. Will they come and where from? Let's see!
PGC Price at posting:
34.0¢ Sentiment: Buy Disclosure: Held
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