The elephant in the room here is the fact that Hartleys' clients...

The elephant in the room here is the fact that Hartleys' clients have been selling down on market very hard in the last month. I suspect tax loss selling has been a factor so I expect the selling pressure to ease, however it does reflect very poorly on the investor relations effort. We need some bigger buyers to get interested for this to eventually re-rate IMO and unfortunately, for many many months it's been only small retail investors. Bell Potter clients have essentially fully sold out and Hartleys' clients are halfway out the door and clearly losing interest.

The VWAP for June was 1.36 cents, the last six months 1.7 cents and (incredibly!) the last 12 months has been 3.36 cents. So from a technical analysis perspective, if the 1.7 - 2 cents region can be pushed through this could definitely breakout to the upside quite strongly. The 3.36 cent 12 month VWAP is a result of the pump last July where lots of people got stuck... surely anyone still left is now a sticky holder hoping at least to get their money back so I think on the right news (a few big contracts wins would be nice followed by profitable full year FY20 results!) the resistance wouldn't be too strong to move up to around 3 cents. Beyond 3 cents will be very tough this year given the overhang from the pump last year but it's certainly possible that 5-10 cents can come into play in the next few years if/when the profitable high growth story is believed again by the market.