Weekly chart:
Daily chart:
Comments:
Finally the chart is starting to look good! Look at that double bottom
Weekly chart - indicators are turning up and MACD is crossing. The intermediate down trend is broken and there is the beginning of a new up trend forming (... which is unsurprising given the impending news). Momentum up.
Daily chart - the three most recent candles all rejected 13c, closing higher with volume drying up, suggesting supply at these levels is exhausted. Those looking to take a position before the quarterly will need to bid higher IMO. The SP is also sitting comfortably above the 50day MA and the DEMA/MACD are up. Clear bullish divergence over the past two months as smart money accumulates at the lows from retailers. I am expecting to see a "golden cross" occur within the next ~two weeks on the daily, cementing this next move up. I am also expecting a re-test of the new 16.5c resistance level next week, with a further test of the 19/20c level prior to the 31 July.
...17 Trading Days until the Quarterly!
P.S - Remember that BUD reiterated their forecast of ~$70m in revenue over the next 2.5 years in the ASX Aware Letters earlier this year - something they would not do unless they had very good reason to justify such a forecast. At current prices the market has completely disregard this forecast. IMO if the team delivers meaningful growth in the coming Quarterly then the market will again price in this forecast (at the very least) and we should again see substantially higher valuations. I will be surprised if 40c is not tested again this CY!
GLTAH
