A quick look at the price action as we finish off the last day of the year.
Volume is substantially lower (as it is right across the board), however it's good to see consolidation occurring at close to all time highs for the stock.
Something will give in the coming days, either we will see a short term pull back to 21c as one last dip before fresh highs are made - I give this a 10% chance of occurring
or demand will continue to step up and clear this 23c / 23.5c resistance mark and clean out offers in the 24c-25c range taking the price action to fresh highs early next week. Obviously any further decent news from the company would likely be the catalyst for this to happen in the absence of the large buyer that got stuck in yesterday returning. I think this is a 90% chance of playing out.
MACD is firmly back trending positive above the 0 control line + RSI has plenty of room to run before overbought signals are evident.
Nice end to the year for the stock with many substantial milestones achieved by JdV and the team, with 2022 shaping up to be another cracking year for the company.
Looking at the medium term - weekly for some perspective of the setup at play the MACD is right on the cusp of a positive cross that will see momentum kick up another gear. Hopefully we see this triggered early next week!
Well done to those holders that have kept the faith throughout the year and let the team deliver.
The true value to be unlocked is only just beginning for shareholders, so enjoy the ride 2022 will bring!
Cheers
BKT Price at posting:
23.0¢ Sentiment: Buy Disclosure: Held
