That doesn't make sense to me, with the volume yesterday, the late sell off, supposedly due to the "speeding ticket" was not "natural"..
Either there are droves of dumb shareholders, or shorts used yesterday, aren't being reported, in my opinion.
Hey Dingo.
I reckon a lot of retail are quite skittish around BRN atm.
We all watched it shoot to $2.34 on the back of the MB announcement and then repressed heavily over the last couple of years down to the 15 cent mark. With the benefit of hindsight, many of us have since kicked ourselves for not taking some profit near the highs and buying back in a big way at the lows.
So lots of nervous eyes focused on us at our lows suddenly see a long anticipated uptick but without any particular catalyst attached.
Yay, at last some movement in the desired direction. And at an accelerated rate.
But why?
We here know, or at least, have had multiple dots pointed out to us, indicative that the game is afoot, but I would suggest we are still a minority of the 40,000 retail with fingers in the pie.
The sudden movement particularly yesterday with the gap up on open, and the spike in volume, would have had alerts sounding around the country and no doubt many hearts a flutter.
But plenty, particularly those traders who have only recently bought in at the lows, ala Dolci and the Ariel star crew and they're ilk, would not have wanted to ride the rainbow down again, and seeing the reversal decided to lock in the gain.
I reckon this caused a bit of a cascade at the time, which the shorts are always aspiring too, but which is probably a healthy thing, hopefully establishing a more relaxed and sustained increase over time.