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Getting closer to my target buy-in price now, but a 19m mcap is still v excessive for a company without any meaningful revenue. Shouldn’t be long now until we see the magic 0.4/0.5 area where I’ll accept the risk/reward ratio as worth a punt.
Have a nice weekend, and we go again next week.
Nate
I called the drop on Wednesday, it’s always the same. The flurry of eager PI’s, then the placing flippers selling it back down to near placing price before the real rise takes place. The SP action so far is textbook. This has more to drop yet before we see another move back up. Have a nice weekend, and we go again next week.
Levs, whilst I appreciate your pearls of wisdom, I have been using such data for years, to great effect. As I've already pointed out, it will never be perfect, and indeed on some very rare days for some stocks, it will be completely wrong, simply based on the number of trades going through either above or below the mid price.
What's key, is that I test for myself through dummy buy & sell prices throughout the day, that the data is being recorded accurately and that a 10% allowance typically is now is my base case for errors.
Stocks move up and stocks move down every day, not always based simply on bus v sells, but on wider market sentiment and demand in general. We have done well here over the last two sessions, but there have been a lot of placing flippers selling into this rise and I think you might just find we drop back a bit before moving on, but let's see.
Yes, this is true, albeit not entirely. By nature of how the data is recorded, it will never be perfect, but it's still a good indication.
Experience has taught me to allow a 10% allowance for incorrectly reported trades.
Vol. Sold 2,280,997
Sold Value £171.07k
Vol. Bought 2,344,062
Bought Value £175.80k
Yet we're 20% up. Still a lot of placing flippers to churn through and so I think we'll see a drop before pushing on again. It's been a great couple of days!
To answer your question scotty, yes I think we could fill the gap here based on wider market sentiment at the moment, coupled with the news of our new plant not due for at least another week, possibly fortnight. I'm looking for my buy-back around the mid to high 90's.
Blubay
Yes, I did post that, as I was expecting it to hold support @ 97p. The ease at which it dropped through the 97p old support was the indicator required to acknowledge that this is now likely to retest the next old support at circa 65/67p. Add to this that BTC-GBP looks like it could retest the teens in the coming weeks and unfortunately the writing is on the wall as far as the near term SP is concerned.
Nate
My apologies KevMc
I have to admit, that was quite childish.
It unfortunately doesn’t change the fact that this share still has more of a drop left in it. Trading below the 200 day line now, hasn’t done that since it broke out at 9p, has broken all old resistance points on the way down and next resistance isn’t until 67p.
Add to boot, Bitcoin is showing no signs of recovering to previous highs anytime soon and it becomes clear which way this stock is travelling in the near term.
I have to admit, I didn’t expect it to break below the 97p support so will keep my eye on it for now, but if Bitcoin takes another plunge then 67p could be seen.
Apologies in advance if this doesn’t fit with the ramping narrative of the board, but it’s the harsh reality.
Nate
If we break old support from December last year @1.9 prior to news being released then it could get messy in the short term, just need these sellers to clear, but with so many warrants to churn through it will be hard to sustain these levels without fresh buyers.