***If you don't want to bother reading this, don't cry because no one is forcing you. It's an explanation of why the 'chart' I'm responding to is invalid, a brief analysis of the actual chart, and discussion about the realities of the company and discussion here. Don't cry about there being a post you didn't want to read, because I'm letting you know now that you're not being forced to read it.
Honestly, this is the most desperate attempt to show a positive channel I have ever seen. It has two points which you can draw a straight line between on the bottom of the... "channel" and... zero points on top! It literally has no higher highs and one lower high (not that I'd consider anything like this to be at all valid).
It is a classic example of a dead cat bounce. It crashed extremely hard (I was posting about it crashing to a new all time low for the couple of weeks before it happened but it happened faster than even I was expecting), then after hitting a fresh multi year low it bounced slightly then hasn't even quite matched the 'high' after the bounce on the next attempt before having another red candle (and then today's is also red so far).
The utter desperation and blatant willful self deception around here is mind blowing. I know it's not the popular thing to say, but it's the clear reality that there's a communal self gaslighting thing going on around here.
The actual obvious reality is that without a positive announcement, this thing isn't going to bounce significantly based on TA alone - we're well overdue for an update and every time that happens the update is bad, and it's also what you'd expect, and it would be crazy for them to delay updating when the price was obviously going to crash in response to silence, if they were sitting on good news. You don't just let the share price crash to multi year lows when you're going to need to raise capital if you have news up your sleeve which could prevent it. The market knows this so more silence is not going to somehow bounce the share price. We didn't see the chart bounce off the multi year low support level, we saw it drop through that support level to make a new low (which is exactly what was obviously going to happen, as I was saying before it happened).
I've always been fascinated with 'Emperor's new clothes' situations, and this has become one of them.
Yes, there's a tiny possibility that production has been great and they're keeping that quite because they just don't care if the price crashes and once they release the news there will be a rally. Extremely unlikely but I've seen more bizarre things. But, this isn't going to rally hard with some sort of sustained reversal based just on the chart, because the chart itself clearly indicates otherwise as does the fundamental situation. Only positive (or perceived as positive) news is going to push this above one or two resistance levels, and we're more likely to see a new low than that without any news. We saw two attempts to test 10c resistance since the new multi year low (both on Fridays, interestingly) but in neither case did anyone even want to pay 10c with a small parcel to get it to touch the level. And no, 10c isn't necessarily much of a resistance level on the chart, but it's generally an important resistance level.
Not only does your 'chart' not include a higher high at all (!!! it's being passed off as a positive channel!), AGY hasn't seen a significant higher high since the end of the rally to a new all time high about 18 months ago! In that entire time there are only two 'kinda sorta' higher highs, which aren't really valid in any meaningful sense.
In several ways AGY is turning into a really interesting and valuable case study.
The Emperor is naked.
AGY Price at posting:
8.8¢ Sentiment: Sell Disclosure: Not Held
(20min delay)