I think the situation is evolving and has improved over the past 2 days with increasing buying activity and the buy queue steadily growing. A couple of days ago it was dead in the water and today we saw 2 big parcels in the mid 300K and 500K range change hands and on a weak market today.
Often it takes a selling climax or an exhaustion/capitulation move to trigger a reversal but I have seen this sort of catatonic pattern several times before where it simply grinds to a halt, the buyers quit, no volume left on the buy queue and the odd straggling seller randomly caves in.
It isn't the classic high volume capitulation but essentially the effect is the same. The buyers have gone away and the supply has been effectively drained over time. The smart money starts to move back in and I think we are seeing this starting to happen now.
E88 Price at posting:
15.0¢ Sentiment: Buy Disclosure: Held
