OK Here we are again with the sp now firmly established in box 6 and the immediate support at $0.15 appears to be failing if the close is any indication but that is not always a good indicator, particularly with PSY.
If the sp is going to get another nudge down then I would expect that the previous low last Wednesday at $0.14 to be a short term support or even a possible turn point.
If $0.14 fails the I am guessing that the current pattern will continue down to $0.13.
The only thing I can see in our favour atm is that we are currently banging against the long term down trend line.
An announcement tomorrow or Friday and that would be gone.
A close above $0.155 would also break it but atm one would have to think that $0.15 is going to be resistance & by Friday the sp will be following the trend line down to $0.14 or lower.
If I was going to try my luck I would take a punt on placing a buy at $0.14 with $0.15 as a target.
Whatever happens next is anybody’s guess and an announcement would change the whole show.
The conversion of options was a good start but something a bit more substantial would be better.
Time for a big announcement to stop the rot.
PSY Price at posting:
14.5¢ Sentiment: Buy Disclosure: Held
