Price action this week and especially in the 10am to 11am hour have indicated a significant change in momentum by the buyers.
Accumulation is definitely taking place. The intermediate battle zone is likely to be 26c to 28c, now that the one month 26.5c level has been breached once again and even touched the 27.5c mark.
The miniscule 63k shorts have reduced to only 6,326 as of last report 13 Jan 2025 on ASX shortsell list. Its not much but the details are pointing to the shorter(s) realizing that momentum has certainly shifted to buyers once again.
Both buyer and seller depth have thinned out as price is moving higher possibly indicating gradual position building by bulls in anticipation of higher price movements ahead.
Critical level still remains at the 28c level and I expect this may take some time to clear through.
What is most interesting about this price action is that there has been no news out regarding any critical company deals/FDA discussions or JVs and yet a 20% price move from 23c to 27.5c has occured. Smart buyers moves are likely buying/accumulating when everyone is waiting, but they are jumping over themselves as they cannot seem to get enough stock even with 540M SOI.
Nothing to get excited yet. Its just a waiting game for now.
EIQ Price at posting:
27.5¢ Sentiment: Hold Disclosure: Held
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