I recently posted about the sudden drop in the share price of Chrysalis Resources (CYS) before the stock was placed in trading halt and a subsequent announcement was released to the ASX advising that their drilling at Doolgunna West had found no results of significance. I commented on how the share price drop seemed fishy, I wasnt the only one.
In a 'Pure Speculation' article by Robin Bromby yesterday he posed similar questions and asked "Has the ASX noticed?". The answer is yes!
Today we see that Chrysalis Resources has responded to an ASX query. The query raised by the ASX goes somewhere along the lines of: Your shares have dropped from $0.26 to $0.20 just before a trading halt, we want to know when you knew of the information regarding the drilling results versus how long it took before the news made it to market. It makes interesting reading.
It does go to show that price and volume indicators still go along way in preempting news.
CYS shares last traded at $0.145, down $0.02 at 12:34PM AEST.
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