Hi Folks
After the todays announcement I couldn't help myself I had to come up with another chart. Compulsive charter? Yes
After the capital raise I swore I wouldn't come back for a long while. I tell Lies.
From the chart you will notice that we have formed a second Rod of Lies (ROL). When the first one broke it headed downwards on the CR news.
Lets see which direction this one breaks. Upwards? Maybe.
Another couple of these announcements would help. But it will be the quarterly reports showing the signs of revenue increases that will be critical. Remember we have hired more staff. Will the revenue increases match the extra costs? Who knows.
How long until that cash burn starts to decline? Who knows.
I'm a chartist, so I can only interpret what I see.
If the break from the ROL upwards and the SP gets to 0.20 then the projections of the FIB's point to the first target area being between 0.22-0.24.
If that happens there will likely be a period of profit taking and a retrace. That's normal in an advancing stock.
Firstly need to get above that first ROL higher than 0.185 and then 0.20 next.
Just the may I deal with the markets so that I am not surprised by what plays out, as always DYOR.
We shall see?
cheers Lies
