I must admit I was sceptical about the follow on support for this stock after the last couple of days and a collegue decided to test that theory by selling a few of his shares and see what happened. He gave the 87's and it looks like he triggered a bit of selling - more imporatantly he flused out the buyers sitting under the market. He was sure he would get them back at 83c but the bounce was too quick. Less than 7% of todays volume traded below 86c and within an hour of 84 printing 88c traded 300k or a third of the days volume.
Simply put there is good demand below here - add that to the repeat closes above 83c and I am starting to get all bulled up again. Todays dip was the minimum work we needed to see and came back perfectly to sit on the 83/84c level and reject it.
Next move is to take out the retail overhang in the 90-95c area and then we get our new high's.
I must admit I was sceptical about the follow on support for...
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