AC8 (ASX) where to next?

Originally posted by dmaivn ↑

Originally posted by avagadro
Well someone today decided to dump a bit more.

Still in the support zone, but really if 40c falls then this will go back to 20c or so very fast, which will put most shares on issue out of the money.

So we will see next week if the crazy sell off continues.

Interesting that there is still no sub holder change notices?
I am baffled by the trading of AusCann shares on the US OTC market! How the hell they find enough traders to generate the volume of about 1/5 or more of AC8 share volume on ASX through the kind of trading done privately between traders looking up on OTC listing. AusCann is now pretty bearish there from the view of the yanks. They probably follow more on the chart than the news. I posted before about one mob saying that AusCann would become worthless by Aug! Obviously it's impossible for that to happen as they have just over $40 millions in the bank (soon will be under $29 millions). The share price will keep bleeding every time this, without-a-CEO, company announces insignificant news. This kind of silly news trickling out will just hammer the share price further as it just reinforces the idea that there is no real product and no real development. As investor looks at the cash position falling every quarter without even news how exactly the money is spent, it looks very grim!

I have pocketed some more with WiseTech and parked my money on the banks and lithium. I have the cash to play but I am questioning myself on AC8. Would it make sense to play this around 35c (if it would get to this in a few weeks)? Will some suckers at the funds be willing to gamble millions on this. Their jobs could be on the line if they make a mistake. I guess they always have tools and check/balances and they will use stop-loss orders to limit the damage. Forget about the retail investors. Most are now so much under water with this stock that only new unsuspecting ones would be sucked in.

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I bought in the 30's so all I am missing is the epic lost profits for now. But small caps just can't withstand escrow sell downs like this. Maybe Elaine selling too in the midst of it all?

I still believe in the long term company capability and industry tailwinds here so I am not too concerned about it for now, but yes I imagine most retail would now be underwater and further contributing to the chart destruction. Snake eating it's own tail moment.

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