Charting, page-4088

Monthly chart.
The initial target after the breakout in March was $0.12. We finally reached and exceeded that target and closed right on it after the brilliant announcement last week.

The volume that accompanied last weeks breakout on Thu and Frid. was 41% higher than the April breakout which many here correctly called as a breakaway gap so Thursdays gap then must also be classed as a breakaway gap & IMO will not be closed.
Ordinarily I would be saying that we will get a 50 – 62% retracement.
That announcement last week however was no ordinary announcement.
“The company is pleased to advise that it has signed binding investment and off-take agreements for a company-transforming transaction”,
So I am not expecting that type of retracements but neither will I be surprised if we do get them.
If we are to get a retracement though and there are a few indications that that is a possibility then I will use the low from last weeks gap as the new starting point for all my projections.
If we have the normal 61% retracement then $0.11 will be it and we have already had a 50 % pull back from the high.
The indicators I use are showing signs of a potential pull back in the short term. (the wide gap between the indicator & the mov avg.)
None of those indicators are currently in the overbought are on the daily and the last candle (spinning top) looks more like the market taking a breath in preparation for a continuation of the rising trend.

I believe this is confirmed in the weekly chart as the indicators (stoch and MACD) are only just starting to rise.
The weekly target once the new range is confirmed is initially at $0.16. The typical target at a breakout (mine at least) is twice the previous range so that gives me a price target of $0.21
I am guessing that at some stage the sp will revert back to the rising long term trend angle but lets get a bit higher first.