Classic drawdown imo:
In times of no news (ie, specific tangible catalysts), explorers have a habit of moving into an algorithmic wave. Some quick TA observations below.
- Note the triangular downward wedge pattern (has been formed 3 times now - same story). Note the most recent pattern has not fully played out (I'd be guessing another 3-5 weeks - unless suddenly get tangible news (such as 3D) ).
- RSI has moved back into the average range (50) - so it's not running 'hot' anymore.
- Volume in the scheme of things, is declining (but..downward momentum is still there - which some may note is being somewhat manipulated by buy/sell order stacking & removal).
- I'd still be guessing we're going to see 0.013 (which strategically gives Euroz yet again another approx. 100% gain, when we run back up to 0.03+cents - ie, they will sell before we reach their proposed 'speculative buy' target of 0.04cents).
- We know from broker data (last 2 weeks attached below) - that Euroz is still selling (which doesn't surprise anyone..).
- During this most recent wedge pattern formation in the last 2 months, we've hit 0.015 intraday 2 times, this is the first time we've closed there (i'd almost be expecting a big brief buyup, and another press down).
Given the timelines, the risk is certainly mounting - and thus, a drawdown is a great way to scare people out of their positions - keep in mind..nothing has changed - as of yet. (of course....if 3D is a dud....well....that's another story).
"when it's easy to buy, buy. When it's easy to sell, sell". Don't get me wrong, it's been a painful few months, massive drawdown from highs - but the opportunity narrative has not changed at all. Now I feel like i'm just convincing myself to buy more..lol.
Broker data 2nd oct - 11 oct:
(20min delay)