Linaker "why is everyone selling at a loss?" Irrational isn't it? But that's the market for ya! Fundamentally imo all the bad news {and more} has already been factored into the SP.Obviously SPP and pcmt havn't helped {much discussed}. AGM appeared to have provided reasonable explanation of SH concerns and positive outlook going forward. I do think though, that the market expected more {more on IO maybe?, sorry, old joke!}.
Tax selling? .. I don't know? Many ppl may already be in loss positions this year, may even be waiting for 1st July to cut losses?
There's been talk today that the sellers must be ppl selling their spp shares. I'm not sure about this, but if today was the despatch date , that would then be tomorrow that they hit the market. Did anyone get theirs today?
Sadly I believe that the SP is dangerously close to succumbing to some panic selling ! IMO that 10.5c closing price today may be triggering some stop losses and rest assured that many disciplined traders / investors won't hesitate pulling the trigger if stop losses are breached. 10c may certainly be the trigger point imo.
For that reason I have also withdrawn MY buy order.
I really hope I'm wrong for the sake of all the loyal holders but based on my limited knowledge of charting, a breach of the 11c support level would confirm a continuation of the established down trend with a possible target of around 7c. Now that would not make the new instos on the register too happy either imo.
I do agree with many , that the current low SP is not warranted and hopefully Mngmnt have been holding back on a really great ann to slingshot the SP upward and thus creating panic buying! {IO seems to be all the rage atm}
I could be VERY wrong.... but just calling it the way I see it.
Good Luck to ALL
TMR Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
