"I would love the SP to hold above the 8ema to show a real bundle of strength but it is unlikely therefore we rely on the bollie median for support and I would expect that to be between the 50and 62% levels. IMO."
Yes, that is how I also think the short-term could play out and why I suggested a possible retracement to the low 20's. The key factor obviously is an announcement next week, or simply new buyers entering the market on the current positive news, enabling a consolidation period for a couple of weeks; and thus, enabling the indicators (RSI/MACD) and your current discussion with the Bollingers to 'catch up'.
This would see maintaining a range between 25 - 30 for a few weeks. As much as we can see the positive decision being a longer term positive for the company, there will always be people taking profits. To assume the SP will continue rocketing up to 50 is illogical. For example, if someone has accumulated 300,000 shares in this speccie over the last 4 months, then selling 50,000 - 'whatever is needed for free carry' is often considered good management of a portfolio.
Not my strategy with this one, but certainly others would be doing this and creating the selling now.
All IMO and everyone can feel free to give arguments as to why we are heading straight up through 50 next week ( a revenue update is a given!).
EYE Price at posting:
27.0¢ Sentiment: Buy Disclosure: Held
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