FLC is once again testing the top of its downtrend channel after the two failed breakouts in February.
Could this be the one that finally breaks the trend and starts to base sideways before a much needed fundamental event?
To me this looks like a chart that has been dealing with a combination of relentless supply and retail fear (perhaps even a smidgen of manipulation?).
As I have noted in past posts BTIG was the number one culprit for continually pressuring the stock downward while it offloaded nearly ~3.2 million shares (or perhaps more if you were to include ChiX orders which unfortunately I cannot acquire broker date for) in the past several months.
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Subsequent to BTIG's unloading of stock we have seen in what I would consider a bottom at ~38-40c along with some fearful retail exits down here.
Recent broker data clearly shows the end of the BTIG supply, along with retail exit/shuffling (WealthHub is who NabTrade clears with).
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In
@dazdog's great post yesterday that he so graciously shared with us he stated that, Richard mentions there are active discussions with potential institutions/funds to take pieces of the pie. I find this most intriguing as we have had a fair share of broker's tout reports and "push clients" onto FLC yet the data has shown to contradict the claim. Perhaps I was mistaken or my memory fails to serve me well but I thought that Cannacord was taken on to help with international road shows/pushing/initiate coverage of the stock onto their clients. Yet I fail to see a single transaction from Cannacord since 1st of Jan. (Perhaps I'm missing something here?)
Additionally I find it strange that since Capital Group has taken a decent stake in FLC we have seen zero institutional support.
Anyways a lot of rambling and questions or statements that answers can not really be provided to at the moment.
FLC will eventually break free of these forceful bearish times and when it does there will be an interesting squeeze for shares that could see massive rerates coincide with substantial news (and this could be very near term). If I had more spare capital I would be soaking at these levels...
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