RDN looking really good, sitting in this Accumulation Channel between 3c and 3.3c; first time it's been able to sit for over a week in a sideways channel like this since August before it brokeout for the start of Wave-1 from 2c to 4.95c.
Wave-1 is a bit funny as it had a drastic breakout moment but it's still part of the overall first Wave.
Wave-2 pullback is done, with this Accumulation Channel now set for the last 9 trading days, with strong support bouncing off 3c three days in a row to push back up to 3.2-3.3 levels and sitting at the $10m CR price of 3.2c.
The Cup and Handle is both evident on the Weekly Chart and the Daily Chart, a very strong pattern, giving a target of 8c just based on the depth of the Cup and RDN is currently playing out the Handle of that pattern, timing perfectly with the extended drilling program that is on-going and news to start flowing through.
Wave-3 is the strongest of the Elliot Waves and that is on the cusp of starting; the lithium sector overall has been turning positive and even more acquisitions by larger companies continue, GM making deals to get into the mining side, PLS acquisition, Rio Tinto acquisition; all signs of the lithium bottom being set in.
MACD has been overall trending up since its very lows back in June, currently oversold but has started to turn and is close to crossing over and up, coinciding with the current accumulation channel.
Upcoming drilling news will be the catalyst to re-rate RDN, combined with the overall bullish change in the Lithium sector.
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