Options conversion overhang - Descending triangle setup
Understandably, a number of shareholders that have converted options (or intending to convert) seem to be liquiding positions which has pushed the SP back down from the previous high.
Support at 13 seems relatively strong but it is also creating a support zone of a descending triangle. If this is breached (close below 13), then the unlikely retrace zone at the 61% fib line of 10.5 is in play. Bargain opportunity if this potentially occurs.
Support at 13 seems relatively strong but it is also creating a support zone of a descending triangle. If this is breached (close below 13), then the unlikely retrace zone at the 61% fib line of 10.5 is in play. Bargain opportunity if this potentially occurs.