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I'd re-iterate that it's not a relentless smash down by a seller but peridoc swinging up and down by someone's algorithmic trading. (The Stock Exchange identifies ALGO trades and those have often been setting prices.)
If you set ig.com to 3hr interval and look at the graph and RSI there's a reasonable undulation (also the direction of the price changes in the graph as time passes). It doesn't really matter in practice, at least for me, because I could never find a timing and a way to trade the changes. I don't know why the bots are doing it. It might work for an MM trading on their own account or from time to time a shorter (but the volume in O trades isn't what I'd expect for the latter, at least recently). It's just a little weird.
It still seems to be following the long-running cycle push-down to 0.55ish, push-up again to short of 0.65, over a period of days, repeat. The 0.55 price was set by a tiny trade into the bid. I think any nervousness is simply limiting buying volume, which would work against the cyclical scheme.
It's notable that Bulls hasn't been able to call this one since August. Before that I noticed that moves up tended to coincide with a BUY and moves down with a SELL signal. Not that trades were directly driven by Bulls, but it could simply be detecting a pattern (although you can see it was very hit and miss this year) and I was mildly interested in what it said from time to time. There are simpler tools for technical analysis and trading here. Anyway, when it vanished I wondered whether they'd simply given up on this one.
More interesting is what the actual trading is doing. Even more interesting is when they finally fire the starting pistol.
They obviously won't be attractive if the SP remains near 1/3 of 1.6. The assumption when issued in a placing at 0.8 was that the price would more than double from there once things were finally agreed, funding begun and things underway. That was before there was a clear effort to drive it down to 0.55-0.65 range and keep it centred on 0.6, but that relies on a lack of volume. The question is whether volume will arrive and be sustained once everything gets underway.
"Q: Can the 1.6p warrants be exercised before the expiry date and before they trade at 2.4p?
A: Yes, if the warrant holder wants to."
That was an interesting point that I'd also overlooked, that the >=2.4 trigger was to force a choice about exercising within 30 days but they could be used before that.
Indeed there have been few trades in the book (now that IG shows it again) for the last few sessions. Just 1 today.
Part of the problem is that having signalled that nothing much will happen until next month, people just stay out until nearer the time. Still, a few larger buys have appeared. It's the sells at this level that surprise me.