Considering the liquidity we have today compared to a year ago, there are three fifths of bugg€r all shares changing hands at these gift levels.
It was a difficult, time consuming job to build a decent position here and most significant holders experienced this. We've had regular t20 updates and they tell a story of accumulation across the board. Other than a new entrant from the last raise (G sounds solid) we have a stable group of large holders.
That of course doesn't value a company, the $1800 worth of shares that old mate sold at 22c yesterday to pay for his 91 Corolla does. Lowest offer determines price in a downward move, the beauty of markets and precisely why they almost always overshoot. The flipside of course is also true, but irrelevant when buyers are biding their time.
Hopefully a few left yet given away to the patient accumulators enjoying themselves. It's an ugly chart, horrible. Approaching 20c in a shy, parabolic arc, maybe we've found the bottom, perhaps 18, who knows?
Pointing out the obvious, sure, but all the garbage about management having done this or not said that requires it. Tough environment, horrible chart. Who's buying that? Idiots.
Not management's doing. Not in the least. We just keep pushing forward along a well worn path towards FID. Forget the chart. Ignore the impatient and uneducated. Volume trailing off to nearly nothing tells us more than lowest common denominator SP, particularly with 3x the tradable shares of a year ago. Hmmm, nobody seems to be selling yet there's enough volume to get in.
I don't use charts to decide what to buy, absolutely meaningless to all value investors. It's plain and simple though that once we broke support we had this in front of us.
No news and no support. No volume to speak of, but you're only as good as your last shot. New low, 22 and falling. Only idiots buying. What will the week bring?
