Ok. I've (we've) put some work in this morning and apologies for the extreme length.
Normally a simple quick look at the monthly chart over the last 3-4-5 year period would't warrant further investigation but as a holder of a small parcel I kept going. So here's the state of play as I see it.
The chart:
View attachment 6033432The explanation:
• An 8 year old could identify the overall trend from the all time high.
• Each pink price point is the 50% retracement (or rebound) of each move down which the SP does seem to respect. Those levels then become future resistance levels before another leg down. Almost without fail which TBH you can identify on any stock with such a downtrending bias. And all those moves are supported by the volume spikes. Again the blue arrow shows the current drop to yet another 52 week low today is on volume.
• Trend line theory (the green dotted lines) can give buy signals but I use them primarily as trailing stops in uptrends (I don't short) and after charting this I can't see any signals all the way from the top to now.
• The pattern (blue flag) the price is currently breaking down from is again on volume so the downtrend obviously continues.
• The Optex bands at the bottom is a mean reversion indicator unique to Optuma so I won't explain that here.
The only positive I can conjure is
maybe the current volume spike is a capitulation zone and we're nearing the bottom where we need to consolidate. But personally I won't become interested until we break, hold & bounce off the $1 level on increasing volume. But that's me.
The chart doesn't show all the work involved here it would be too cluttered but feel free to correct me if you
see anything or invest/trade differently.
I will continue to update the chart for myself & if I do notice anything of value I'll post it here.
PS With the little bounce to $0.675 (+1.5%) as I type this maybe some see value in such low hanging fruit.
Let's hope they do really well.
Best all
MR
(20min delay)