RE: shares20 Jun 2019 11:23
because the professionals that were providing the buying support, switched round and sold into the highs of 17p down to about 14p and then left. Then the capital raise at 12p came along and killed it.
Without the professional buying support, the stock will fall in on itself, as retail traders sell up and take profits also. Then you are left with those panicking in loss making positions, ensuring that the drop is entrenched as they sell as well.
Aim is a sentiment driven market - fundamentals are for the much longer term.
There is no interest in buying this stock from the professionals and it will continue its decline unless the view changes, or news hits first.
This is how aim works - accumulation at the lows, then distribution at the highs. Doesn't matter who you bang on about being on the share register - it is who is buying and selling now that matters, from a share price perspective.
10p is scheduled to become resistance. There have been eleven rns's since 1st May, all relating to equity issuing, placings, warrants exercised and warrants being issued.
The last operational update was on the 17th April - since then it has been nothing but shares being issued like confetti and complete silence on the operational front, despite promises of updates. Prior to becoming Block energy, this company had reached over 2 billion shares in issue and then gave up and exited Africa - to become an oiler in Georgia.
The return to single figures gets the stock back where it was, just prior to the announcement of the placing. What has changed - the mcap is larger, the number of shares in issue is larger and the stock price is lower - AIM at its finest.
Sign In
Follow the stocks
