We had the first monthly uptrend in over 6 years confirm earlier this year, however it had no follow through. We have now had this monthly uptrend re-confirm on increasing bull volume. Monthly uptrend confirmations after very prolonged downtrends are in my view one of the most significant technical setups around. They signify the end of a long downtrend and are almost always accompanied by a large sentiment shift (meaning the market goes from undervaluing a stock to overvaluing it). Large and rapid moves are regularly observed. It does however carry significant risk of failure given the significant downtrends in place, so one must balance downside risk vs upside potential. The type of trades where you're looking to making half your yearly profit target on or loose a decent chunk...
19.2 resistance broke yesterday. Psychological resistance will likely be seen at 20c. After that there would be 30% upside to the next resistance at 26c.
In my opinion if a takeover is actually seriously on the cards then we will see it happen imminently. Time is of the essence to ensure the price doesn't start running away to the upside. Note: I am not suggesting we will see a takeover happen soon.
Disc: very large position (long term + trading)
JTH, can you give TA/Chart perspective based on today's move.
I imagine there will be quite a few retail holders who reluctantly averaged down via the cap raise who will be happy to drop their holding once it gets at or near breakeven. Might slow things down around this level I suspect.
I imagine there will be quite a few retail holders who reluctantly averaged down via the cap raise who will be happy to drop their holding once it gets at or near breakeven. Might slow things down around this level I suspect.
Id say the majority of those holders gave up a while back. The only ones left are represented on this forum for the last year
Winner you Slydog. I thought you didn't like this one. Was only an assumption. It is nice to see a lot of new posters in this Thread and for mainly positive things.
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