I guess we need to expect a lull in the movement now that the cross-trading has now resumed at 3.5.
If it rinses and repeats then I am happy to equate it to "consolidation". The negative perspective would be to view it as a hindrance to shareprice appreciaton. How about you guys?
I guess at this low base, the behind-the-scenes pip trading gives the shareprice the breather it needs in order to mitigate a parabolic rise that can only end in a sharp pullback.
The fact that the cross-trades ceased yesterday was a definite sign that things were about to change. Shall be interesting to keep an eye on the activity over the coming days.
I think I need to clarify that I am not at all versed in centre-point trades and cross-trades. Most trades going through now are CXXT coded. Does that mean buyers are buying at market at the same time that sellers are selling at market with the ASX setting the mid-point price? Or is it the activity of buyers and sellers who have access to half pip prices... unlike Commsec traders? All very confusing to the uninitiated.
Anyway, I just hope the activity and the pattern continues into the next level tomorrow or the day after. It would certainly alleviate some of the stress and anxiety for holders.
FTT Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held