Had a dig of recent trading data on hand and it indicates credit sussie is the major accumilator on ROY. Between 16 Nov - 2 Dec, they have quietly collected around 2.7m of shares and without selling a single of them. During this time, the share price has been traded(or i'd rather call 'controlled') in a tight range of 17.5c - 21.5c on thin volume most of the days. Sellers are the usual monkeys from commsec, etrade and westpac.
The table below gives a breakdown of shares credit sussie has bought each day.
On the options side, only comsec bought close to 1m of them between 16 Nov - 02 Nov. Why the accumulator didnt buy options? I hope someone has the crystal ball to answer:-)
Technically, the chart also tells share price is due for a change, with bollinger band became tightened on 20 Nov, stochastic is below 20 and has crossed and turned up, 20/40/60 days moving average are squeezed closer.
During the last hour of last friday's session, price suddenly shot up from 18c to a close of 26c. I admit I had been buying when it was around 18-21c mark and i noticed whenever i placed a bid at the 1st line, someone immediately puts a bid on top of mine. My buy orders ended up being partially filled:-/
I think there were also quick-eyed technical traders picked up the movement and I've seen few lots of 100k orders jummped up and down the buy stack while the price was quickly pushed up to 26c towards the friday's closing bell.
Today price closed at low as it has been purposely pushed down, plus those who sold quick enough around 24-26c for a tiday profit and maybe few who bought on friday's high hoping for a quick gain either had to cut the losses or broke even.
I still beleive something is in the wind for ROY and she will run hard when accumulators are set and ready. All we need is a little patience.
MFE Price at posting:
20.0¢ Sentiment: ST Buy Disclosure: Held
