I thought we'd have another day at the lows around 540 before a bounce, but looks like its underway and buyers are keener than I thought. Green day on the ASX helps too.
We see in the white rectangled areas that all the weak hands dumped in April and July so maybe the selling is done now. First major resistance level is 760 ish so expecting a good run to there in the coming week. A lot of people bought in 1.50 ish, so theres a lot of trapped holders there who will restrict available supply until the SP recovers to that point.
You have to remember SYR has a long and chequered hsitory on the ASX, back from the Tolga Kumova days. Has been the most shorted stock on the ASX for a few years now, but by the same token, its one of the best traders too, imo. Excellent price action in either direction, so a good one to stick with as the graphite story eventually unfolds more positively.
SYR Price at posting:
60.8¢ Sentiment: None Disclosure: Held
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