$Platinum Asset Management Ltd (PTM.AU)$ shares fell 17.70% on Monday, with trading volume expanding to A$5.93 million. Platinum has fallen 19.05% over the past week, with a cumulative loss of 29.40% year-to-date.
Platinum's technical analysis chart:
Technical Analysis:
Support: A$0.84
Resistance: A$1.24Price range A$0.84 to A$1.24: The trading range indicates a heavy concentration of selling orders, with the stock price on an downward trend. There's a high concentration of trapped positions within the trading range, which implies strong resistance to any upward movement. The stock started to decline near A$1.24 due to selling pressure and touched the A$0.84 level, where it seems to find some support. Going forward, it's crucial to watch whether the support at A$0.84 holds and if it can lead to a potential rebound.
Market News :
Platinum decided to stop talking with Regal Partners about possibly buying them out, and instead, they gave their shareholders a one-time bonus of 20 cents for each share they owned. The company concentrated on fixing things up, making sure they spent money wisely and offered a wider range of products. They teamed up with GW&K, a top company from the US, to improve their services in Australia. This was expected to help give their investors some strong profits.
Bell Potter downgraded its rating for Platinum from 'Hold' to 'Sell'.
Overall Analysis:
Fundamentally, focus on the company's performance and operational status. Technically, pay attention to whether the support levels hold and if the resistance levels can be effectively breached.
In this scenario, investors should adopt a cautious strategy, setting stop-loss points to manage risk and maintaining ongoing vigilance regarding company developments and market conditions.
Source: Platinum
