I have not seen any charts/TA posted on this stock so here goes.
Context: Price has been in a down trend for the past few years, no surprise it is correlated to commodities. However, in the past year it has flattened out, bouncing off 1.5c twice, breaking the previous swing high point Oct 2015, and since then it has formed a nice consolidation the past 3 months between 2-3c.
The break of the previous swing high point, combined with the current price action, may indicate a strong reversal, possibly even a reversal of the overall down trend but this is long term and will need fundamentals and commodities markets to align with the technicals.
Charts: Pattern traders can see that the consolidation is also a Cup & Handle pattern, with a nice ranging wedge handle.
Trigger: This handle did break to the downside, however, it failed to hold there, and SIGNIFICANT VOLUMES, biggest volume week in over 2 years traded which suggests there is certainly the possibility of accumulation, institutional, big money involvement.
Depth: Currently 3 bid to 1 ask, heavily bid. Focus only on the top 10 bids and asks, and the ratio is still 1.5 bid.
