I had a further look yesterday and observe the recent lower peaks. Since the double top, peaks tapering off signify lost momentum and once the strong support shoots through strongly as we saw with massive volume on Thursday, I'm not entertaining any more hopes of recovery in the current swing.
Putting on my hypothetical hat on, 40c is where I would be playing a short using the simple concept of support broken becomes resistance. Price do not keep falling, eventually there will be a pull back swing.
How convenient of management to put out a good announcement so strategically. They should have put this out on Thursday to give the technicals a fighting chance. With good news without good pre-auction euphoria I wasn't buying that convenient news and you can argue the bears also used the same logic.
Is this the capitulation selling? NFI. Never easy to work out the aggressive selling but equally amusing is the constant averaging down by some. Stay safe.
Trading, page-1111
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Last
$2.90 |
Change
0.020(0.69%) |
Mkt cap ! $8.732B | |||
| Open | High | Low | Value | Volume |
| $2.86 | $2.94 | $2.80 | $102.1M | 35.55M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 314863 | $2.88 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $2.91 | 20820 | 2 |
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| Last trade - 16.10pm 13/09/2024 (20 minute delay) ? |
| PLS (ASX) Chart |