Looking at the Daily TF I have come across a few TA Targets worth mentioning.
As mentioned by multiple people on this thread there is a Cup & Handle formation which has recently broken above Daily Resistance.
When looking for a Cup & Handle Pattern it's worth noting that the "Handle" should form and complete within the top half of the cup which is identified in the above chart by the 2 yellow parallel lines (Short-term Descending Channel). Furthermore current Cup & Handle Target which is a measured move of the depth of cup is putting a completed price at 0.028
Also note I have used Trend Based Fib Extension to identify POTENTIAL levels of profit taking and retracement, with the "Outlandish" Target 1.618 sitting at 0.029 (Confluence?).
Now talking about Trend Based Fib Extension, there are also 3 other levels I personally use for Target Identification (0.618, 0.786 & 1.0). The 0.618 which I commonly see aligned with former resistance levels has been tested during todays price action and I am waiting to see if Bullish Volume can push price further within the Ascending Channel.
I'm not currently observing 0.786 as a potential level of Major Resistance as it isn't aligning with other indication at this present point in time.
However
The 1.0 level at 0.023 is aligning with small Bullflag Continuation Pattern which developed after the last rally to 0.018 (this is also the "Handle" in the Cup & Handle Pattern) Worth noting IMO.
RSI (Relative Strength Index) is showing Bullish Momentum as it trends above the 50.00 and is about to breach into "Overbought Territory" currently sitting at 69.52, It is worth noting that a similar momentum occurrence happened back in Mid AUG when price was held at resistance 0.013 before the pop to 0.018 this is highlighted by the yellow circles on the chart.
MACD (although not depicted on the chart) has reprinted Bullish on the histogram and the EMAs (MACD - Signal) have continued to spread, worth noting due to the similarities of the AUG 2020 - SEP 2020 rally from 0.009 - 0.020
So what's different about this rally?
IMO the lack of recent historical resistance. Now that we are currently held at 0.02 once broken and accompanied by bullish fundamental news we could step into the next major price range of 0.04-0.06 (of course this will be determined by nature of results, further developments and holder sentiment).
As mentioned in recent announcements Assay results should start to come through by EOM (OCT 2021), I see no reason as to why this wouldn't be on track as I had communication with a laboratory today around general return of results timeframes and they made mention that turn around times were still currently 4-8 weeks meaning no significant change.
Bias Flip
Keeping our biases in check it is also worth looking at the potential of inadequate results (as determined by investors) which would no doubt see a period of Profit Taking and/or Position Exiting, this could see price fall back with the current Ascending Channel and potentially break Current Uptrend to return to test Long-term Uptrend (White Ascending Line).
The potential is HUGE but also is the RISK until results confirmed and announced. As a holder myself I do like enthusiasm displayed by Mr Mosig in a recent interview but until the numbers are printed on paper the speculation is still high for me.
We have the Location, IMO we have the Team all we need now are decent first round results accompanied by follow up drilling program.
As always manage your Risk and Position Sizing tailored to your Financial Situation. GLTAH
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CAD Price at posting:
2.0¢ Sentiment: Buy Disclosure: Held
(20min delay)