ADR 5.56% 1.7¢ adherium limited

ADR Chart, page-30

  1. 288 Posts.
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    It has been a while since the topic of the chart was last raised. I prefer to focus on fundamentals, but it is hard to ignore technicals after such a horrid down-trend (the trend has certainly not been our friend).

    Here are my thoughts: the bottom appears to be in at 6.8c. The move up from this level has been gradual, rather than sharp, which strengthens my belief that this was the bottom. I had previously called a rounded bottom at approximately the 9c level, but this was, in retrospect, premature. A rounded bottom pattern formed across 20+ weeks would prove to be much more conclusive. True demand now needs to enter back into the stock to force any kind of sustained movement upward.

    I am of the belief that the current price level will prove to be cheap in the years to come, although there is plenty for the company to prove yet.

 
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