Technicals looking very bad, particularly, after today's big candle down. Clear indication of market's action on poor fundamentals, including below...
-1. - Gold going up from here is not much likely while retreating below $1500 ishighly possible. See GFC run and other such hype/bust before.
2. - AUD/USD becoming more and more unfavourable, as RBA has recentlyindicated it should rise by another 10%+
3. - RRL depleting resources, their start of exploration and developmentto replace those resources is too late for the current up cycle (which is now taking Uturn).
4. - Hedge book is working against them, it will bite them again on down cycle(as hedge were reversed in up cycle)
5. - Cost of production is tracking up
6. - Market is looking for multi-bagger quick multiplier, 5% dividend and notmuch capital gain will not get much attraction
IMHO RRL will soon visit $2.90 support and may break below it.
Nothing against this stock, from July-August 2020, I started exiting stocks to convert to cash. I exited RRL in October.
Keeping cash, waiting for good opportunities - global market downturn in mid 2021 can not be ruled out.
GLTAH
(20min delay)