SUM - Summerset Group

[JoeGrogan]

Some shares traded at $5.65 late in the day today. I believe this is the highest price ever paid for SUM. Is this a sign that the share price will stop trading in the $4.50 - $5.60 range that it has done over the past 18 months and move to something with a 6 in front of it?

Need more volume before it can be called a "breakout", encouraging sign nonetheless.

[value_investor]

Need more volume before it can be called a "breakout", encouraging sign nonetheless.

Late volume trading coming in at the end to prop it up just a bit. Interesting that it came back to just within the price band its been around. Indicates a bit of profit taking from the computer algorithms.

Feb will be a big month because of the FY announcement, we could see some high volume activity then.

[winner69]

Some shares traded at $5.65 late in the day today. I believe this is the highest price ever paid for SUM. Is this a sign that the share price will stop trading in the $4.50 - $5.60 range that it has done over the past 18 months and move to something with a 6 in front of it?

Just a few though but was a record high beating the 562 in September 2016 - jeez share price hasn't gone anwhere for a long time in spite of them making heaps more money.

Should it break out some TA people would reckon it could possibly form a new higher channel ...with upper bound being 670 (depth being the depth of the current one)

Fantastic eh

Better bet than OCA I reckon ....but RYM will go to 1340 for certain

[Baa_Baa]

Just a few though but was a record high beating the 562 in September 2016 - jeez share price hasn't gone anwhere for a long time in spite of them making heaps more money.

Should it break out some TA people would reckon it could possibly form a new higher channel ...with upper bound being 670 (depth being the depth of the current one)

Fantastic eh

Better bet than OCA I reckon ....but RYM will go to 1340 for certain

Some TA people wouldn't call or even talk a new "channel", just like some haven't talked about the channel breakdown, at least until it convincingly broke out past the Sept 2016 highs and continued, which it hasn't (that's a long -sideways- despite all the bullish FA and chatter here).

Nevertheless, on modest volume it looked above today and fell back to close $5.55. Maybe some punter was desperate to get a few and just bought the ASK on the close, only to be sold into by a more savvy punter, insto or broker who trades the close.

Who knows, at least it's having another crack at the overhead resistance and is in the zone to soak up some of the 'where do I invest when the market is over priced' money. SUM isn't over priced, relatively speaking. The TA is looking positive and we should see continued attempts at a breakout.

But a (rising) channel? No, not really.

[Xerof]

Looked like an over-exuberant Bot to me, but never-the-less it did trade up

[winner69]

I used wrong words baabaa - I mesnt to say it could go from range trading between 450 to 560 (bobby's numbers) on a breakout to range trading between 560 to 670 (the breadth being the same quantum in both cases)

Or something like that often happens a TA guru once explained to me

[Baa_Baa]

Looked like an over-exuberant Bot to me, but never-the-less it did trade up

And a savvy Bot sold it immediately? Who knows, too little too early, but close. The buy was a stretch (test) and got called for what it was. Jmho.

[Baa_Baa]

I used wrong words baabaa - I mesnt to say it could go from range trading between 450 to 560 (bobby's numbers) on a breakout to range trading between 560 to 670 (the breadth being the same quantum in both cases)

Or something like that often happens a TA guru once explained to me

No worries. How's your Channel chart looking? I guess you can adjust the channel end date and it just widens and everything's hunky dory, or keep the channel parameters from last time and show it's broken?

Any which way, the TA is niggling for a breakout of the price range, that you point out. And about time too imo. Can't have SUM languishing in a stale range when everything else that is exciting is plumbing new highs!

[Xerof]

And a savvy Bot sold it immediately? Who knows, too little too early, but close. The buy was a stretch (test) and got called for what it was. Jmho.

Yes, there have been a number of those 'tests' over the past week or so. I meant it traded up with a higher close than Frididdlyiday.

All in good time

[Beagle]

Melting upwards slowly on a lack of sellers. They're either out of scrip or all at the beach, or both
About time I reckon. This was $5.60 way back in Sept 2016 and there's been a lot of water and earnings growth under the bridge since then.