AGC starting to present a few opportunities post the recent spin out / IPO back in January with a number of legacy shareholders not looking to retain exposure selling down on market.
With circa $8mil in the bank, the company is sitting with an EV less than $5mil at present with drilling of a key target underway. Risk v reward at current prices IMO is solid.
A seller of reasonable size has been active at this 13c mark for the last two weeks and once finished, the handbrake should come off.
A look at the short and medium term setups:
Daily -
Interesting sideways consolidation at the current mark inside the channel range. If we continue to see prices remain at the 13c mark for the next 3 - 4 days it will meet the topside of the channel range and setup for either a meaningful move higher or another test of the recent 11.5c lows.
A close above 13.5c will indicate a breakout of this sustained downtrend since listing and will likely draw in additional technical orientated buying.
Indicator wise the RSI is grinding higher + MACD is trending positive back towards the all important 0 control line. Once it reaches this level it can open the door for an explosive push to continue the move.
A close below 11.5c will indicate further downside to occur within the current channel setup.
Weekly - medium term
14c is the critical price level we need to see a close above for a medium term shift in momentum and price action.
All indicators are making moves higher from oversold levels with the MACD in the process of printing a positive cross.
I think there's some value to be had at current prices, even if for a punt
AGC - Setup at play
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Last
24.0¢ |
Change
-0.005(2.04%) |
Mkt cap ! $60.30M |
Open | High | Low | Value | Volume |
24.5¢ | 24.5¢ | 23.0¢ | $33.81K | 140.4K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
6 | 28958 | 23.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
24.5¢ | 9894 | 2 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
6 | 28958 | 0.235 |
9 | 152400 | 0.230 |
4 | 162222 | 0.225 |
8 | 84732 | 0.220 |
3 | 52839 | 0.215 |
Price($) | Vol. | No. |
---|---|---|
0.245 | 9894 | 2 |
0.250 | 19479 | 2 |
0.255 | 19320 | 4 |
0.260 | 15504 | 3 |
0.265 | 40926 | 4 |
Last trade - 12.29pm 04/10/2024 (20 minute delay) ? |
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AGC (ASX) Chart |