Over 100million units have changed hands of the 370million shares that make up the market cap. Even assuming day trading, that is a lot of profit takers selling, weak hands selling, and new holders at the ~8c share price looking for the next leg up.
Technically, this has respected the top band of the 6 month channel, bouncing off, staying higher.
I imagine with a weekly close above 8c, hoping for 8.5c, the next leg up is imminent.
10c will still come soon IMHO, and likely would've been this week without the start of a market correction. I imagine the ASX will go lower over the coming weeks as it often has after such a big bearish black candle. CLI might move slower than anticipated but with the recent high turnover of shareholders, I think a solid move up to 10c will still happen from here.
projected 50 million in revenue, fully funded for harvest, conservative profit after tax of 20million, with a PE of 15 that's a MC of $300million and share price of approx. 80c.
capital raise or not at these prices, who really cares. all I'm looking for now is hemp compliance, yield, further sales agreements and a license for next year. on top of that, further joint ventures and hemp clients coming on board for a more diverse business.
I wouldn't worry about day to day fluctuations if you're a holder. get in wherever you can and keep holding as long as management keep ticking boxes.
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