Classic shadow jumping from those kacking themselves over a point or two of profit...
lol...should be an up day tomorrow?
The afternoon sell-off was minimal, on low volume and facilitated by bid pulling...nothing more. The smart money simply recognised an oportunity to let the end-of-day selling pressure weigh on the price to their advantage.
lol...on a day when 29m shares traded, just 780k shares stand between the close and the days high!
After a day like today, any exhaustion likely to creep in becomes apparent in the last 30 minutes of trade...we saw a little of this, but not to any great degree, in fact in the most part, it was taken advantage of!
I often talk of the insignificance of the depth for trading purposes, due to the obvious number of players more often than not on the sidelines...one of the few times however the depth does give a fair indication of the potential short-term overhead, is at the close on a day like today.
The relatively little overhead currently in the depth, comined with the rather low volume exit at the close, in my opinion, is a reasonable indication of the state of play at these levels...most shares in loose hands have been taken out!
I took a similar view as most towards the close, deciding not to buy some of the cheaper stock on offer, in preference for patience and the possibility of a lower entry.
It appeared that some would have liked to see a 41c finish and burnt a few shares trying to kick it off, but the underlying interest kept getting in the way, so I suspect just like many others of late, these sellers will be trying to get those shares back!
Significant intra-day cycle completed near the finish...and with a close smack bang on the VWAP (43.58), the current price is not overstretched by a long shot.
Could see manipulation from those trying to accumulate, but with such an apparently wide spread level of interest, the success of such activity can often be a bit hit and miss...perhaps we saw a little of this today with some of the intra-day swings?
The key here might be the number of different brokers pushing the merits of this stock to their clients...quite amazing for a speculative that has risen so far so quickly?
In itself, this sort of wide coverage should prevent any one group taking too much control of the trading patterns?
Significant results due any day...my guess is we might see something tomorrow or wednesday...and then perhaps something to follow on the drilling front?
Anyway, after detailed analysis of the drilling plan, intersected grades, regional endowment and cross referencing back to the magnetic overlay, I feel very confident this will attract serious attention.
They are litterally scratching the surface here...as such, good results from the diamond drilling could well see $1 on the bid!
All it needs is depth and they'll be off!
lol...between CQT and CDU, I think I have my hands full!
Cheers!
CQT Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
