Monthly chart looking strong. RSI moving up from being oversold. As a case in point here?s what happened to share price after RSI was oversold;
February 1995 ? share price rose from 13c to 51c.
December 1998 ? share price was 14c when showing oversold, fell further to 8.6c then rose to 32c.
March 2001 ? Share price rose from 10c to 70c.
May 2004 ? Share price rose from 6.2c to 19c.
March 2009 ? Share price rose from 1.7c to 17c.
These are just examples of what has happened in the past ? good rises have occurred. IMHO technically price headed in the short term for 18c then next target in the mid 20c. Also interesting to note that Pattersons have put a spec buy on ADX with a short term price target of 24 - 30c.
Of course fundamentally the political situation Tunisia comes into play and technical?s won?t mean a thing if political instability reignites. But if the well does spud as planned as previously announced then there could be a good rise as per above.
DYOR !!
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