A nice move to close out the week with price action closing at...

A nice move to close out the week with price action closing at the 22.5c resistance mark.
Next price zone with bugger all time / volume is the 22.5c - 25.5c zone.

I expect with the significance of the news out on Friday we will continue to see on market interest and perhaps a level of the short interest that was likely positioning for the capital raise look to wind down and cover on market. Iam more than pleased that certain domestic funds (that are notorious for destroying registers' and take active short positions) have not been allowed back in via this raise.

More than happy to continue to buy this news, as I think the market is not appreciating the quality of counterparties and what this capital will let the company deliver over the next 18mths. There will be some serious milestones achieved throughout this coming period. No doubt that now this has been squared away, the company will resume normal programming and deliver a host of results + value add for shareholders.

There's no doubt that a level of the sell down from 30c to 15c (gold price sell off aside) was in relation to expectations of the company coming back to the market to raise further capital. Those that are criticizing the transaction really need to have a think as to what a better alternative realistically could have been? Hard pressed to come up with one. No issues with the two parties named taking stock as I don't see it coming out for a long time + the potential for both groups to continue to support on market + future raises for the company.

In the absence of POG getting smoked back to the US$1600 mark, I think the risk of seeing CEL trade sub 20c again is less than 5%.

A quick look at the charts,

Daily - short term:
The circa 2 months of price consolidation between 18.5c - 20.5c is now over, with no price gaps created on Friday + support from the 43day MA in effect. MACD jaws now widening nicely above the 0 control line.

I expect that good news will now be bought and the chances of seeing the share price back at the 30c mark over the coming 4-8 weeks is very high based on this setup.



Weekly - medium term
Price action taking with plenty of room move before any over bought signals appear. RSI breaking higher + MACD printing a positive cross as to now moves back to the important 0 control line. A lot to like here.