gap closed & support on 50 day ema at 39.5c, page-13

Well I'm looking at a large candlestick "Hammer" pattern right now on the daily chart which usually signifies a reversal and is bullish... but the day is still young ...however, I have noticed two such hammers since the down trend started on the 14 Apr which did not signal a reversal...

Rather I think this stock is reacting to the perceived confusion around the reduction in JORC size so fundamentals are the driver ...of which the Company appears in no hurry to clear up with a secondary announcement which is odd in itself... and may lead you to ask questions regarding EER MGMT motivations in this regard.

I expect as the stock rises it will encounter resistance around the 50% retracement level of the whole uptrend around the high 40's probably starting from 45c through to low 50's ie 53

Of course if they bring out a new announcement which clears up the situation then I expect the market will rerate it upwards strongly as this will imply its more massively undevalued than it was prior to the 2 May Ann.