Hi Biggles, Always a bit of guesswork where price will go in the...

Hi Biggles,

Always a bit of guesswork where price will go in the ST. Charts can only pose scenarios, I suppose, to give us an idea.

Some look at support and resistance; others just trade the momentum till it runs out. I tend to look at mc as an important consideration on when to exit. I try to get a good feel for sectors, in general, to workout where fair value might be in the ST, MT, LT etc

I commented at 12c that an undiluted mc of $24M was getting up there a bit, based on known information. Doesn't mean the story's not good still or that it won't go higher later in the year with future announcements. But to me, it clearly topped out on Thursday and probability was to the downside. I would have preferred it to open down on Thursday, as it may have suggested some larger hands trying to force the retail hands to panic and sell. The fact it opened high on open and ran hard suggested to me it was a pump, which, combined with the $24M mc @ 12c was enough motivation for me to sell.

The close wasn't good this week but it's still more than double where it was a couple of weeks ago, although i'm sure nobody was happy with 3c. I dont think it will retrace back to the placement price (4c) but it might need to do a bit of consolidating now between 5-10c, before having another go at 12c.

I'll update the broker data on Mon and Tue to capture this week's action.