AGC starting to present a few opportunities post the recent spin out / IPO back in January with a number of legacy shareholders not looking to retain exposure selling down on market.
With circa $8mil in the bank, the company is sitting with an EV less than $5mil at present with drilling of a key target underway. Risk v reward at current prices IMO is solid.
A seller of reasonable size has been active at this 13c mark for the last two weeks and once finished, the handbrake should come off.
A look at the short and medium term setups:
Daily -
Interesting sideways consolidation at the current mark inside the channel range. If we continue to see prices remain at the 13c mark for the next 3 - 4 days it will meet the topside of the channel range and setup for either a meaningful move higher or another test of the recent 11.5c lows.
A close above 13.5c will indicate a breakout of this sustained downtrend since listing and will likely draw in additional technical orientated buying.
Indicator wise the RSI is grinding higher + MACD is trending positive back towards the all important 0 control line. Once it reaches this level it can open the door for an explosive push to continue the move.
A close below 11.5c will indicate further downside to occur within the current channel setup.
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Weekly - medium term
14c is the critical price level we need to see a close above for a medium term shift in momentum and price action.
All indicators are making moves higher from oversold levels with the MACD in the process of printing a positive cross.
I think there's some value to be had at current prices, even if for a punt
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AGC - Setup at play
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Last
39.5¢ |
Change
0.010(2.60%) |
Mkt cap ! $93.88M |
Open | High | Low | Value | Volume |
38.0¢ | 42.5¢ | 36.5¢ | $1.574M | 3.897M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
9 | 78054 | 39.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
40.0¢ | 3500 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
5 | 32892 | 0.395 |
2 | 11931 | 0.390 |
3 | 88500 | 0.385 |
3 | 36684 | 0.380 |
2 | 114133 | 0.375 |
Price($) | Vol. | No. |
---|---|---|
0.400 | 3500 | 1 |
0.410 | 57487 | 2 |
0.415 | 30000 | 2 |
0.420 | 43984 | 3 |
0.425 | 57157 | 4 |
Last trade - 16.10pm 14/06/2024 (20 minute delay) ? |
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Last
39.5¢ |
  |
Change
0.010 ( 1.59 %) |
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Open | High | Low | Volume | ||
37.5¢ | 42.5¢ | 36.5¢ | 4129167 | ||
Last updated 15.59pm 14/06/2024 ? |
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AGC (ASX) Chart |