My view is that the stock is in a descending triangle, with a one year downtrend, and support at roughly $0.38. At the moment it looks like it should break to the upside, but my experience with these sort of patterns on smaller stocks is that this can take a while.
That's because you've got a lot of investors in an unrealized loss who have already made up their minds to get out - and are waiting for any share price strength to do so. Most likely they can do quite well if they decide to wait - but they are making a backwards looking decision, rather than a forward looking one.
Chart, page-4256
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Last
12.0¢ |
Change
-0.005(4.00%) |
Mkt cap ! $129.7M | |||
| Open | High | Low | Value | Volume |
| 12.5¢ | 12.5¢ | 12.0¢ | $15.22K | 123.4K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 3 | 175663 | 11.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 13.0¢ | 23084 | 1 |
View Market Depth
| Last trade - 15.54pm 12/07/2024 (20 minute delay) ? |
| FLC (ASX) Chart |