Forget about the chinese buying in or the slippage in tonnage produced for a moment and look at the chart.
It formed a large pennant which had a base at 78c and broke to the upside on good volume in late nov and made a 3rd lower high of 86.5c for the year previous highs were 97 and 90(was this a false move?).
After falling back within the pennant the odds were there would be sp weakness which was confirmed yesterday when 78c support broke.
Now we see 78 as resistance and a likely test of 70. It will be interesting to see if volumes increase as traders get out before the holiday season.
technicals
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Last
42.0¢ |
Change
0.010(2.44%) |
Mkt cap ! $510.2M | |||
| Open | High | Low | Value | Volume |
| 41.0¢ | 42.0¢ | 40.5¢ | $1.108M | 2.659M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 4572 | 42.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 42.5¢ | 179187 | 6 |
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| Last trade - 16.10pm 21/06/2024 (20 minute delay) ? |
| MGX (ASX) Chart |