Originally posted by RobbieinAus
Not sure I agree there.
The giant sell off in the last couple of days is likely due to two reasons, neither of which support continued sell down into 6 or 4.
Primarily, the 30m sell down in the last two days is almost certainly due to Linds dumping the 30m shares they just received. The sales happened in giant parcels and are either a top 20 holder exiting, or Linds cashing in on their free shares. My money is on Linds. As such this isn't a reflection of negative market sentiment with tons of retail investors heading for the doors. If that was the case then there would be more concerns.
Secondly some saw the quick rise up to 11 as an exit and sell the news opportunity. So quick drop from that late last week.
Personally I'm of the opinion Linds has likely offloaded their shares at this point and the onslaught of selling is likely over. The market has continued to support the price at this level for a while now and I see no reason or indication that that has changed. Especially now that the funding issue is sorted and several deals are in the midst of commercialisation.
Tldr: the share price isn't under attack like you keep trying to insinuate. It is almost certainly likely due to Linds cashing in on their 30m free shares and now that that is likely done and dusted, normal support and trading should resume. Odds it drops in the short term by 25% - 50% from here like you are suggesting seem very slim.
I agree with you that the majority of selling was due to Lind (30M) and the others are stale holders that want to get out or those who bought in during the SOL announcement and got stuck. Lind now has no more shares and we have a 90 day "holiday period" where we don't have to pay Lind (either cash or CN).
From what I gather, none of the T20 have sold or are selling so we shouldn't see anymore big sell orders.
@FXm, curious to know where you got 0.4c support from? Are you looking at a chart with CXA data? I see 0.7 as the next support then 0.5.
