Agree with you kbear1. The spp has underpinned the financial security for the company and overall can only help the value the market determines for the company. If that money was not in its treasury coffers the sp imo would have greater sell pressure.
Markets are shaky atm and buyers are cool on the stock market. Good news results is what will assist PRR going forward. Those that dont trade the stock are awaiting the news flow to re-inforce their positive opinion of the stock. They know that its trials are now well funded and its the results that count.
The traders on the other hand that use TA will have noted that the MACD gave a sell signal at cob Friday. These traders could well be responsible for some of the weakness today as they follow their trading system.
If this was one of my trading stocks I would do the same, however, I like many here am a believer in the evolving PRR story and am not fazed by the current weakness. I am likely to buy/accumulate at prices below the spp rather than sell.
Another factor in the current downturn is that whoever exercised all those options last week (over 20mill} may be off loading them for substantial profit, particularly if they purchased them long ago.
Just my opinions on the current position.
cheers
timing is everything, page-16
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Last
29.5¢ |
Change
0.015(5.36%) |
Mkt cap ! $428.5M | |||
| Open | High | Low | Value | Volume |
| 28.5¢ | 30.5¢ | 28.0¢ | $833.4K | 2.824M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 8 | 388130 | 29.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 30.0¢ | 39940 | 3 |
View Market Depth
| Last trade - 16.10pm 05/07/2024 (20 minute delay) ? |
| IMM (ASX) Chart |