A breakout? That's hard to say. Price action dictates everything and it depends on how it moves. If the price slowly appreciates up to 9c, that's a dead given breakout. If the price moves sharply to 9c and then falls back down, that's now a breakout. At the moment, I would say anything above 6.9c would be an initial breakout signal.
What you're asking for is the holy grail of indicators which unfortunately, none of us know (otherwise we wouldn't have entered this stock at the times we did). Even though I think fundamentally the stock doesn't have much going for it, I do think technically, we're in a fantastic position to spring back to life.
But right now, after today's price action, I would actually say that we're in dangerous waters. If I were to guess what would happen, I would go as far as to say that the price will depreciate into the low 5's again and then either retreat further or just meander around not really doing much. We have no good news on the horizon for now and with the looming CR around the corner, investors are going to be fleeing for the docks.
With the company releasing an announcement like this one, it means that they've practically given up on the hopes for an offer and so as shareholders ourselves, it would almost be wishful thinking to hope that we can get a buyer. By the looks of things, unless we hit something major, this stock may take years to get off the ground. Open pit will not make us rich and but from where we are standing, I don't think we'll need to raise significant $$ to get it up and running. However what worries me is how long it may take us to get enough to offtake into underground bulk mining. By my guestimates, we might not see profitability for a long while, and this is assuming copper prices and economic situations don't rain on our meagre parade.
I am not too familiar with mining costs so if anyone could share their research, I would be grateful.
That long tail red candle is a dangerous one and it might cause a lot of damage to our SP for the on coming week. By looking at the overall volume, the volume today pretty much matched the cumulative volume for the last week, to me that means a complete rejection of the price increase from our recent lows.
Average price for the day is 0.062546. High volume around the 6.5 and 6.6 region and towards the end of the day almost 2.5mil was dumped into the 6.0c region.
Also, please stop the whining about TKD, I highly doubt they were the ones doing the selling down today. 6mil volume traded is nothing compared to their portfolio (although they would need to report it). And if they thought the stock price would appreciate why would they sell, a million dollar company is going to sell at the lowest point of a stock? Get your minds out of the gutters and learn to point your fingers at the actual people who are responsible (the directors/board).
I am by no means saying that the SP will definitely burn but although it is a terrible forecast as a shareholder, this is what I think reality is. Depending on the price action for the next few days, this may just become a bottom draw stock for me (although we may still get some surprise announcements throughout the year from our other smaller projects). Happy to be proven wrong/discuss, GL to all.
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