Hi cake tin had a really great reply then the PC crashed - thats life I suppose.
Let me try to summarise it:
1. I believe that TA works best where the float is not to large for the market audience. That is there are buyers that will come in if the price lowers. I don't believe that is the case here - No-one with others peoples money ( read Insto's) Dont know about you I have very strict rules that I dont go outside of.
2. How easy is it to move price - You could move this share one way or another on $150,000 - that is far to small a movement. Could be one Soph - who sees another opportunity and off they go.
3. Last raising was too large relative to size and nature of shareholders. Shareholders who believe have indigestion. The stag profits drained all of their capital and the drop below the issue price has hurt the company in my opinion.I thought 35c but not 29c.
4. So I think that TA helps but there are too many significant factors here that could give you nay chart you want. Personally I think the way forward is to stop focusing on share price and deliver the second half management predict.
So I am not sure in this case I would be using TA.
You either believe or you dont - I think you are still skeptical.
PGC Price at posting:
31.5¢ Sentiment: None Disclosure: Held
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