I'm not hugely experienced in TA, and I'd appreciate feedback on this, but it looks to me like we have an ascending triangle forming.
It's touched the top twice and currently traded down near the bottom of the triangle for the second time. The declining volume would suggest a bounce soon.
If the pattern holds, then there could be weeks to go of the price grinding higher, before the triangle really pushes into the pointy end.
In that time, if it breaks through 8c on volume, you would be pretty confident that it is for real.
The two things that make me question it are:
1) The spike at 8.4c sticking out the top makes the line imperfect
2) The size of the base is about 5c. If the pattern holds, you would add that to 8c to get your target price, so we'd be looking at 13c. I want to believe that will happen in the next few weeks, but it's obviously a YUGE call to make.
As I said, not a TA expert, so if anyone else has thoughts about it, I'd be happy to hear them.
LPD Chart, page-395
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Last
0.3¢ |
Change
-0.001(16.7%) |
Mkt cap ! $21.47M | |||
| Open | High | Low | Value | Volume |
| 0.3¢ | 0.3¢ | 0.2¢ | $815 | 308.9K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 187 | 214368059 | 0.2¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 0.3¢ | 119960409 | 56 |
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| Last trade - 13.26pm 05/07/2024 (20 minute delay) ? |
| LPD (ASX) Chart |