Well the above mentioned trend line is still very much intact and looking strong and as expected is proving to be an area of considerable support.
The issue of new capital has had even less impact than I thought ...so far at least... I believe they need to announce withing 3 days of it being issued (..can someone confirm). If this is as bad as the reaction to new capital is then this stocks underlying bullish sentiment is strong indeed. I believe it was issued on the 13th.
I place the trend line now slightly above 13c but below 13.5 and rising slowly.... So it should close at a minimum of 13.5 or above today if the trend is to stay intact. I would be surprised if many trades go through at 13c today... A close below 13c would be bearish IMO and if no recovery in price the following day would signal the end of that uptrend.
My money is on it being about to kick away higher now as the cap raising has hit the ground and therefore another psychological barrier to price advance has been removed.
I see the first green buds of new buyers entering perhaps frustrated that the price has not dropped post issue of capital and nervous that it might kick away shortly and leave them behind which is a valid concern.
I still expect it to rise and hit and a resistance point at 16c and form a new triangle soonish.
Above is assuming no good/bad ann released or major market moves up or down. (Note: the general creep of the market upwards lately should also bring some additional buyers to the stock.)
All IMHO & DYOR
AVB Price at posting:
13.5¢ Sentiment: Hold Disclosure: Held
