Today was one to remember! Watching it push up to almost 8c was spectacular, watching the train wreck after that was just as spectacular but obviously in a bad way.
I anticipated it to peak and retrace at some stage but to see it sold all the Way back down to 3.6c was gut wrenching IMO. If I was a trader or a bit smarter I could have made a small fortune today like many would have but that's all easy to say in hindsight.
Will be interesting to see what the next few days bring, we will know whether we have a new substantial holder on board or we just witnessed a good old classic pump and dump.
The way I read it was we had a big player wanting a decent chunk, most of the buys seemed bot like and the volume wanting in completely overwhelmed the weak selling pressure and thus the high spike. When the buyer had their fill the SP had reached over brought territory and without the relentless buy pressure the selling/profit taking/panic/herd mentality set in causing the massive collapse.
I thought, like many that around 5c prior to finance being secured would be a reasonable target to launch from so we are not sitting to bad really. It would be great to see some support tomorrow and the share price to steady around the 5c plus levels prior to news.
Today's antics would have burned a few no doubt and they will probably never go near FAS ever again which is a shame but I not convinced today was the orchestrated ruthless, take no prisoners pump and dump that many thought it was, although it did appear that way.
One things for sure when holding FAS there is never a dull moment, it's definitely not a stock for the faint hearted!
Goodluck to all of us still holding!
Cheers.
FAS Price at posting:
3.8¢ Sentiment: LT Buy Disclosure: Held
