I think we are overdue for some charts, now that the dust has settled
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So a bit of a recap, since we started this journey we have seen multiple bullish patterns/indicators from an initial pennant and flag pole pattern, to a cup and handle, then into a double bottom pattern that held strong above neck line and continued the rerate to drive SP to oppies strike price, all whilst retaining higher highs/lows and with PFS in the very near future the longer term trend is set to continue.
In recent weeks we have seen an initial test of support (red box left) at 4.2c, after breaking last consolidations major resistance of 3.8c, we then progressed to test resistance between 5-5.2c and in recent days have retested the new 4.2c support line (red box right) and held strong with good volume building below it. IMO and like i have previously posted we should see a retest of resistance soon, either for a consolidation high and sideways action squeeze as we progress towards PFS then breakout or if we break resistance with strong volume on the retest, then I see 5c becoming new support.
Now for some indicators, volume by price shows our current SP as a high demand zone with more buyers than sellers at this range and looking strong with more volume bought then sold above it with 5c as a favourable buy zone aswell, BB's are stretched nicely and beginingto retract, Ma's trending upwards and sp bouncing off them on the retest of support, typical big volume runs and low volume selloffs whilst retaining higher highs/lows, MACD has converged nicely and sitting sideways well above histogram, UO and STOCH in an acceptable buy zone and curling upwards and RSI is a little high at 60 but thats not uncommon as we have kept between that 50-70 range across our longer term trend.
All in all indicators point to possible consolidation in our new range, then typical squeeze and breakout as we approach PFS or the trend breaks new resistance on retest and continues a steady climb scenario after accumulation is done.
IMO Nothing overally bearish here just seems to be our usual process of rerate, churn, squeeze, repeat.
I will say though if you look at the 2nd chart this process is getting shorter as we approach PFS deadline and as the longer term trend (green wedge) is being squeezed, probably why many didn't expect our recent run to 5.2c so soon and it doesn't seem to be slowing down especially with deadlines drawing closer.
Not financial advice, just observations and opinions.
ALWAYS IMO DYOR GLTASH.
