The weekly chart has been a downtrend for 41-weeks (red bars)...or over a year from the peak.
We all know that Perennials selling pressure is causing the downtrend, which is assisted with managements lack of marketing/updates since it doesn't care about the share price.
But considering the strong fundamentals of the financials, tech and ongoing pipeline, the downtrend can't last forever...
AL3 is trading above weekly support, dating back to early 2020.
Good buying territory around here...and indeed selling pressure is starting to wane.
Perennial would probably have less than 5-6 million shares to sell now.
Hopefully when we get some news/ contract updates, the share price can breakout of it's descending triangle and Perennial can get out for good.
This desperately needs news...
But we're holding a sizably position banking on the armour deal happening early next year, which could send the share price to new all time highs, despite what's happening now.
The weekly chart has been a downtrend for 41-weeks (red...
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Last
17.5¢ |
Change
0.030(20.7%) |
Mkt cap ! $60.33M | |||
| Open | High | Low | Value | Volume |
| 13.5¢ | 17.5¢ | 13.5¢ | $1.441M | 9.168M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 9 | 851362 | 17.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 17.5¢ | 682340 | 12 |
View Market Depth
| Last trade - 13.28pm 10/07/2024 (20 minute delay) ? |
| AL3 (ASX) Chart |