I posted yesterday I was watching for a fall below 31c on decent volumes for a sell trigger...we got the fall, but not the volume.
As a result, we have, in my view, a refusal to push below this important level, which having taken place on such a bad day for the ASX, is a very good result.
Still not out of the woods yet, but I am still leaning towards a positive bias at this stage.
Certainly some churn today, which has obscured the underlying movements today for me.
Tomorrow may well be the key...low volume in the 31-34c range (less than 4m shares), which is what I expect to see, would signal a loss of momentum on the downside push and point to a possible break on Friday, or at least the stage being set for one if the players see fit.
High volume in either direction from the current price will need to be followed in my view, as it will likely point to the direction for the next 6 points either way.
Cheers!
MEO Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
