Iam on board with the graphite thematic and it's clear the deck out today is lifting the lid on the potential for GCM.
~$17mil market cap with $10mil in the bank = $7mil EV is pretty damn cheap at current prices. On the right news / interest, don't be surprised to see this trading 2x - 3x the current price.
I note other early stage / highly prospective projects in WA are trading circa 2x+ the current market cap of GCM.
Iam happy to pick up a couple on market today at the current price. I think risk v reward from here in the short term is pretty positive not only from a fundamental standpoint, but also technical setup.
Having a look at the charts to see what's at play -
Daily / short term setup:
Price action recently has moved up through the 200d MA, sustained and is consolidating nicely up against the 1.9c resistance / neck line. Once this level is cleared + supporting volume, I'd be expecting a measured move to take the price to the 3c mark in the short term. MACD + RSI both positioned very favourably to support this move to play out.
Weekly / medium term setup:
Same again in respect to the 200w MA coming in at 1.8c. Price action testing this level over the past couple of weeks, with the high likelihood of it being taken out this week / next. MACD + RSI both positioned very favourably for a continuation of the current trend.
