In TA terms, not just 'charting', we had a breakaway gap today after a long 38% down trend. The gap up was on relatively large volume which is also as bullish as we could wish for... What does tomorrow bring??
Possibilities range from a retracement down, to sideways for one or more days and also a runaway gap. Given the setup, of the MRE due in the next week or so, sideways sounds logical, with a runaway gap on the day of MRE delivery..
My own thoughts on price movement is that the huge move down didn't shake loose many shares, so the only place to find a large quantity now that the project has been derisked with initial Mets, followed by MRE, is above, as in new high prices.
New yearly high prices might be the only way to shake out some shares from those looking to take 'some' profits this financial year for whatever tax reasons, likewise for 'some' funds, especially those looking for locked in EOFY returns. (They might also buy back fairly quickly for next years returns).
Given the closing auction pushed the SP up on over 34k shares traded, it looks very like we could have the runaway gap up tomorrow.. Thoughts anyone??
AIMHO of course..
wa1 Chart, page-2416
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$17.27 |
Change
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Mkt cap ! $1.059B | |||
| Open | High | Low | Value | Volume |
| $19.60 | $19.80 | $17.00 | $8.650M | 477.3K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 2910 | $17.20 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $17.30 | 820 | 2 |
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