Time for some broker data and chart updates.
Firstly, lets have a recap of the last CR (17 Nov 2020 ann).
"Placement DetailsPursuant to the Placement, the Company will issue a total of 44,000,000 New Shares at a price of $0.15 to raise $6.6 million.
Euroz Hartleys Limited and
Shaw and Partners Limited acted as Joint Lead Managers to the Placement which received strong support from a range of institutional, sophisticated and professional investors."
So who is leading the selldown? Hartleys offsetting some off their other wins.
"Director Option Exercise and SaleThe directors of Nexus intend to exercise approximately 6.6 million 11.1 cent options (which expire on 30 November 2020) to raise approximately an additional $732,600 for the Company. In order to fund part of this option exercise, two directors of the Company have committed to sell a total of
approximately 2.7 million shares at the same price as the Placement, raising approximately $405,000, to fund the exercise of their options (Director Options Exercise)."
Directors have put their money on the line in the CR and are feeling this downtrend along with SHs.
Charts
Short term downtrend channel.
Longer term chart.
If Hartleys wants to take NXM to a cash backed MC, then I'm all for that and will continue to buy. LT thinking is that at some stage in the next 12 months news will drop that takes NXM back into the teens and beyond, which will be a +100% gain. With $10M in the bank, the next CR is a long way off unless NXM hit something massive, in which case the SP will be much higher than its current levels.
GLTAH
