Share price dropped last week to 39 cents, on heavy volume, then bounced very quickly to 45 cents on at best average volume and has then fallen back.
Some including chartist's would have taken 39 cents as the support level as that's the price Antares defended with its buyback programs. So bought in and then got the chance to bank a nice 15% profit very quickly.
The only thing missing was the fact Antares didn't come in to support the share price at that level.
Today the share price has gone as low as 37.5 cents and there whould appear to be no sign of Antares buying in the market place.
That to me speaks volumes about the company's current cash position.
Now there is no safety net under the share price and its broken down past the support level how will it perform over the next few days. Will be interesting to see investor reaction.
Maybe more importantly institutional reaction, as they will now be nursing losses and showing a terrible 2-year performance chart for the company, against overall markets that have risen considerably.
Bring on the quarterly report.
LOTM
AZZ Price at posting:
38.5¢ Sentiment: None Disclosure: Held
