Weekly: Strong technical support at these levels going back to 2013 - further evidence by the buying and pitchfork support. A low risk entry zone IMO.
Daily:
It never ceased to amaze me that when we see massive volume days on falling prices, the chatter is always focused on who is selling. Well I'm afraid - that is serious buying volume. Who was it that opened up the bag to collect all of this unwanted stock from retail investors? And then the volume comparatively disappears.
I see that the frenzy reached a crescendo in the few days around the record date for a SPP. Clearly retailers were banking cash for their entitlements at 21c. So this is why yesterday's drop off in volume is key from a low risk entry point of view.
The question remains - who was buying all of that stock post record date?
The volume will be interesting over the coming days. Yes this is underwritten, but I can bet you that the underwriter will want to underwrite as little stock as possible.
TIS Chart
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