From the ASX website, daily trading data since the announcement shows 8.8m shares changed hands at a VWAP of 14.8c
My feeling on this, that is a large number of shares that should be hard to dislodge in aggregate under that kind of price. So, assuming a rebound from oversold levels (my expectation v soon, although not a view shared by all), then I think the 14.5-15c will be hit very quickly and likely prove the first resistance level. Any institution buying / top-up should support this because i think traders and momentum buyers will jump on quickly.
End of day closes appreciably below the daily VWAPs today and yesterday, suggests manipulation. One or more parties want this lower for cheap entry. The volume today at 12c at the close was not significant. Suggesting seller exhaustion???? Not sure
From the ASX website, daily trading data since the announcement...
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Last
37.8¢ |
Change
0.008(2.03%) |
Mkt cap ! $344.3M | |||
| Open | High | Low | Value | Volume |
| 37.5¢ | 38.3¢ | 37.5¢ | $206.2K | 544.5K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 17 | 340713 | 37.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 38.0¢ | 85176 | 11 |
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| Last trade - 12.23pm 16/08/2024 (20 minute delay) ? |
| MLX (ASX) Chart |