WRM (ASX) TA shows SP can recover

Originally posted by JW84: ↑

First of all I want to say I am not a pumper or short term trader.
I own White Rock Mineral shares for almost two years.

I think everyone agrees that a lot of shareholder value has been lost under this management.
Without going into speculation about potential future success, without going into the technical skills of the mining team,
I am convinced that the SP can recover to a substantial extent simply as a result of chart technicals. (See chart).
A rebound to A$0.30 is possible, as happend numerous times before (see chart again).

A lot of value destruction has occurred as a result of the very negative sentiment (almost all resource stocks are -50% this year).
When in a future scenario (Q4 22 or Q1 23) the gold price explodes and sentiment turns bulish, massive positive moves are a very real possibilty.

Should management (in an exceptional scenario) present a significant resource within the Woods point project (because that is always a possibility) then that will further contribute to upward pressure. In addition, Red Mountain can be sold for a big premium or enter a JV.

Anyway, A$0.10 for these assets is insane and the odds are very likely that SP won't stay at this extremely low point for long.
In my opinion, a upward technical correction is very likely because the stock is highly oversold.

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TA isn't my thing, but I hope you are right. I am having a bit of a long overdue blitz on my paperwork and went back through my WRM records this morning.

I bought in bits and pieces over a few years, including a SPP and had sort of lost track, as well as not editing the purchase price when it consolidated. Now it is all up to date and I am shocked at how far underwater I am with this company.

It seemed to make sense back in the day. Carrington almost justified the share price, with Alaska as blue sky. The sky got bluer when they started talking gold over there, then everything fell in a heap. The only thing that would cheer me up now is if someone bought the Alaskan assets and WRM poured a bar or two at Woods point. (I know they now own the bar there, but you know what I mean.)

Anyway, I hope I don't come across as too much of a whiner. It was always speculative and it is part of the learning process. (Keep the paperwork up to date and don't believe everything you read.) Also another one of my roughies just hit some copper in Africa, so swings and roundabouts.