Happy winter solstice to you all.
I have a more positive outlook on the chart. I think after the big roller coaster ride the market is just taking a breather and forming a higher confirmation low before taking off. From a technical perspective I have seen this many times. Confidence would have been shaken in many investors as we bunji jumped down into the 14's. It's normal after a huge recovery like we had two days ago for the market to stop and see what happens next. That plus we would have had a few day traders taking profits yesterday. Most of yesterday's fall and volume was in the first hour and after that volume was low and price was pretty stable. I would not be surprised to see the SP start heading up again today although we will need to break through Wednesday's high for confirmation.
From a fundamental point of view, we know that metallurgy was what the market was waiting for. The MOM guys mentioned this way back when we were 5 bucks and that Bell Potter mentioned this as well in yesterday's upgrade. This from Bell Potter:
"The metallurgical results were the main hurdle for WA1 in our opinion, with the upcoming Maiden Resource Estimate a close second"
We might tend to feel a bit negative about the power of algo trading but I believe the force is strong with the mets results. Add to that some anticipation will also now be growing with the imminent MRE which, as Bell Potter puts it, is a close second to mets. In my opinion if dark forces try to push this down any further they will be vapoized.
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Happy winter solstice to you all.I have a more positive outlook...
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Last
$19.16 |
Change
-0.060(0.31%) |
Mkt cap ! $1.175B |
Open | High | Low | Value | Volume |
$19.20 | $19.41 | $18.86 | $3.370M | 176.0K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 1746 | $19.10 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$19.16 | 295 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
3 | 1746 | 19.100 |
1 | 297 | 18.950 |
2 | 5386 | 18.930 |
1 | 1000 | 18.910 |
1 | 1000 | 18.880 |
Price($) | Vol. | No. |
---|---|---|
19.160 | 295 | 1 |
19.200 | 1958 | 3 |
19.250 | 2079 | 1 |
19.260 | 700 | 1 |
19.280 | 2000 | 1 |
Last trade - 16.10pm 03/07/2024 (20 minute delay) ? |
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