Ok looks like we have achieved the initial target of the Cup/Handle formation from several weeks ago which was the high 9's ie, 9.7 - 9.8c ...
However what we saw in the climb up was a solid Pennant Flag formation develop around the low 8's and this changed the scheme of things somewhat giving us a new secondary target of around 11-12c.
At the very least we should expect a pause (ie several attempts) at the 10c mark as the buyer seller group adjusts to 5 pip jumps instead of 1 ... This is almost always the case when a stock traverses this price area. However, I see the pause as good thing as its a key psychological barrier and more importantly a area of psychological support once broken which will underwrite moves higher.
Once we get above 10c things will move more quickly ... personally from a fundamental perspective I see absolutely no reason why the 13.5c barrier cannot be taken out given currently AVB has roughly speaking a larger or equivalent Jorc resource to Sandfire and SFR's Mcap is 8x higher @ $800m than AVB's @ $100m approx currently...
AVB Price at posting:
9.7¢ Sentiment: Buy Disclosure: Held
