Hi Lurker, as I mentioned I am no expert in charting, I only use basic charting through trading view and the rest is based more on what I personally called holder's behaviour and unrealistic expectation (joining uneccessary & excessive dots).
I am more comfortable to explain using picture below, in this first picture, you can see the monthly volume between Jul 19 to Oct 19 as compared to other months which is massive difference and in layman term average price is pretty close to my target, most importantly Covid also roughly hits its peak during that period, many people started looking for alternate income and many Gen Z started pouring money into the stock market - this is my observation on the number of investing tutorial ads poppoing up on FB and Youtube - which I imagine many inexperienced investor got caught up big time. Then, from Oct 19 to Oct 20, the share price pretty much stagnant. Oct 20 is the interesting month, the volume jumped quite a bit the followed by Nov 20, the share price is nearly double (this is where things gone wrong IMO, the hype train leaves the station when market cap doesn't align with what is in the book, things went purely based on speculation (joining excessive dots) caused unrealistic expectation)
Now looking a 2nd picture, Feb 22 to Mar 22 (checked the price and volume too, I think quite a bit of diamond hands held through that period and some disgruntled bunch jumped onboard as well. ) that's when the Hype train hits its last station, IHL was all over on hotcopper and Reddit on a daily basis, I was one of the traders traded during that period, everything was due to how big Nasdaq listing was, then followed by more unrealistic expectation. From Apr onwards, there were sharp drops here and there, psychologically many were waiting for a 2nd wave that never arrives. fast forward to Oct 22 to Mar 23, you can see the volume dropped down and stagnant again. Hence, I said it is losing steam.
Lastly, Charting is not a crystal ball, it is simply a tool to look at past event and form a potential pattern. The reason why I said I am fairly confident is, more interest rate hike is coming this year. No matter you are diamond hands or new investor, you would certainly think twice before you pour more money in. Plus, savings account these days are giving 5% for deposit, hence people might be safeguarding their assets. Not to mentioned many people on fixed rate home loan couple of years ago will come off fixed and turned into variable, that's a big big pain. Besides, realistically based on the number of expected events/announcement this company going to pump out this year with the mixed of uncertain outlook, I am not surprised a cap raise is needed before Dec. It is not cheap to run a medical clinic, let alone in Melbourne, unless Joel and the team has exceptional budgetting which I have no confident in.
Sorry for the long post and welcome to be corrected.
DYOR, this is not financial advice.
