ADN CHART, page-4618

Cheers @Sk1nman

All good, no love lost. Whilst the thesis fundamentally for my decision to exit still remains in tact, technically there obviously have been quite a few developments.

Personally Iam still wanting to see the BFS / DFS to see what the company will be heading to the capital markets with in order to complete the debt / equity funding required to bring the project online. With the timeline to first production ticking, I think one can assume that the company will look to move pretty quickly post BFS to secure funding. I will probably wait until this is part or completely solved for until re-entering.

From a chart perspective, whilst post exiting my first price target on the downside was quickly met, price action held and then went on into the blow off phase which ultimately topped out the day of index inclusion on substantial volume coming in associated with index rebalancing. As many are aware the double edged sword of being included in the index now sees stock more readily accessible for those looking to take a short position.

I certainly left a few $$ on the table not participating in the move from 32c to 45c, but hey at least a few of the boys were able to capture the majority of the move and bank some decent gains above 40c.

If I had the funds available at the time I would of bough back in on the break out that occurred once 32c was taken out, but not to be.

Having a brief look at the current short term setup for those looking for areas of interest;

The leg lower today through support at 25c with volume isn't encouraging.

Support that may now see action includes 19.5c and possibly 17c if things get really ugly in the short term. I would need to see a close above 27c in the short term to possibly believe the downtrend that's currently in motion may be done.

RSI is in oversold levels, which leaves the door open for a bounce, however one must understand that the largest moves in the trend can take place when signals are overbought or oversold. MACD below 0 with jaws opening further to the downside isn't what you want to see.

If I was personally going to swing a few $ for a bounce, Iam camping out at areas of support.
If I really want to feel comfortable the trend at play is over, I really want to see fundamental evidence coming through to support this.