Yes, that's true. The reality with this stock is that there will be more bagholders than usual following the recent pump/hype that resulted in the rapid SP increase because there are no CGT benefits to selling at a loss and so people will sell against any upward momentum to try and get out. That's to be expected. But on the other hand, the SP has now settled in the 40s, when it was only a couple of months ago sitting around 12c, so that demonstrates there is at least some support.
Time will tell whether you're right, but is it really worth arguing with everyone about what a backwards looking chart may or may not tell us about the future SP? Particularly when, in reality, company performance will be what determines whether the SP continues to rise or whether your TA is correct. If the company is able to deliver on some of the products they are developing, then it doesn't make sense for the SP to slide backwards.
