Hi Gyp, I've been following the breakdown, ~-25% post AGM from...

Hi Gyp,
I've been following the breakdown, ~-25% post AGM from what seems to be related to the company not repeating guidance in the presentation. However they confirmed via an ASX query no information relating to guidance differing up/down existed but the market does not seem impressed.

Bringing fundamentals into the picture:
A mark up occurred in July for a capital raising with those shares being churned through in August and creating resistance at 90c. Gapping over this would of been difficult, so why not shake it? The AGM (Breakdown 1) created enough uncertainty to unsettle weak holders which was orchestrated by Regal Funds dumping pushing price lower rapidly. This was capitalised on by other substantial holders increasing positions. Breakdown 2 has been especially interesting with the gap down and piercing of support levels, no substantial holders notices have come out just yet which is very interesting as it has been all on market trading. There is chatter of Regal continuing to offload for other commitments but this is unconfirmed, so it could be retailers dumping, perfect. Given fundamentals have not changed, I flagged the second last bar as a sign of strength which was then confirmed with the last bar closing above it and the test bar on minimal volume.

WEEKLY


DAILY