Volume with Chi-X was 7.8mill today - the chart below only shows...

Volume with Chi-X was 7.8mill today - the chart below only shows ASX volumes.
Looking at ASX volumes only, today had the largest green day white candle in over a year on high volume and that volume was the third highest volume in a year.
Those other high volume days in April were down days so today was the best up day with a large white candle on high volume in at least a year.


It reminds me of the same large white candle on very high volume in 2021 in late June after tax loss selling had driven the sp down to its 4.9c low. That candle on high volume after a long correction marked the start of a rally that took the sp up four fold to 21c over 4 months.
History doesn't necessarily repeat but if the offtake and finance is secured, I think we will see a similar move, at least in magnitude if not in as short a time frame.



You often hear non holders talk about gaps that need to be filled as a reason for a sp to fall. Now the tables are turned. There are two gaps overhead that should should get filled on positive news. Offtake news should see the first gap at 6.9c easily get filled and hopefully exceeded. That will leave the next gap target at 9.2c. I'd expect funding news might be needed to get the sp there and the funding news would mean construction commencement, which itself could keep the sp trending up.
At 10c, on a fully diluted basis, allowing for all options to be exercised and allowing for the equity raising to the Angolan sovereign fund, the market cap would still be around half of the base case, after tax NPV (before the positive effects of capex savings and higher cash flows) so these initial targets on the chart are easily achievable on a fundamental basis.
I think we got our buy signal today for those that were not keen to buy over the last few months without some sort of technical buy signal.