Pity to see the orchestrated sell down on a daily basis, continue. Or perhaps a little bit of profit taking for those fortunate enough to buy in under a cent...
There seems to be a massive disconnect between what US and AUS policymakers are saying about the need to move away from the reliance of China for battery metals and rare earths, and what is actually happening about it - seemingly nothing in my view. There's all this talk about billions being invested for that purpose, yet where is the evidence? It comes across as empty talk to me.
It takes years to get a mine going (in most instances). Those same policy makers should have been investing in the likes of Lithium and REE companies years and years ago. They need to start spending the dollars and make things happen, NOW!
Companies like ENV should be given financial assistance to accelerate their growth, and fast track development of new mines.
At the moment, I believe we are valued at little more than an empty ASX listed company. That is an absolute joke.
Anyway, enough of the Monday minor rant, here's what I see in the chart:
For the first time in over 4 months, there appears to be green shoots showing. Momentum (bottom indicator) is in green for what seems like an eternity, and a little volume is coming in, after a pittance the last few months. EMA's on the turn, which is great to see. Those green candles will likely come back to the moving averages but as long as momentum continues, that's all good.
In my amateur chartist's opinion, there looks to have been a double whammy of a loose head and shoulders pattern playing out (could you call that a H&S
@W3hunter?), as well as the May - June double top. That floored the share price, as did the lack of anything on the fundamentals.
Now, with very positive initial drilling news, and assay results due (looking at companies in the vicinity, I don't expect many surprises and they should be really good), we are in a great position for another run.
I'd like to see that gap closed at 3.6c over the next few months, then we might see an extended run, as per
@Tarly123's original post, to the 6.4c mark. That's where I believe the company should be, in line with other companies in the area, provided results are in line with expectations.
I am hoping we get to those kind of SP levels before someone gobbles us up. I very much doubt ENV will be able to develop a mine on our own, so either a T/O or joint venture is likely on the cards I'd say.
Anyway, for the first time in months, dare I say, clouds look to be dissipating. Let's hope momentum continues!
(20min delay)