It has been a while since the topic of the chart was last raised. I prefer to focus on fundamentals, but it is hard to ignore technicals after such a horrid down-trend (the trend has certainly not been our friend).
Here are my thoughts: the bottom appears to be in at 6.8c. The move up from this level has been gradual, rather than sharp, which strengthens my belief that this was the bottom. I had previously called a rounded bottom at approximately the 9c level, but this was, in retrospect, premature. A rounded bottom pattern formed across 20+ weeks would prove to be much more conclusive. True demand now needs to enter back into the stock to force any kind of sustained movement upward.
I am of the belief that the current price level will prove to be cheap in the years to come, although there is plenty for the company to prove yet.
ADR Price at posting:
9.5¢ Sentiment: Buy Disclosure: Held
