Fundamentally, RMX looks to rocket and become a multi-bagger in 2021. What about TA? Looking at the 2020 chart below: The amplitude of the March L (0.2c) to the October H (1.8c) is 1.6c (1.8c - 0.2c). There is a strong support level at 1.1c which taken as a base for the next leg up we get a sp target of 2.7c (1.1c + 1.6c). Applying the Fibonacci Golden Extension Ratio of 1.618 to this amplitude, we get 2.6c (1.1c x 1.618) which is pretty close to 2.7c So I'm calling 2.7c as the first target for RMX in 2021.
However, I willing to stick my neck out and go further. Bearing in mind my previous post of the Rare Earths & Gold bullmarkets putting a rocket under RMX's sp. Lets make a feasible assumption that the amplitude for the next run in 2021 is double that of 2020. We then get: 1.1c + (2 x 1.6c) = 4.3c Considering the strong upward potential of RMX, lets apply the most powerful Fibonacci Extension Ratio of 2.618. We get: 1.1c x 2.618 = 4.2c close enough to 4.3c So I'm calling RMX sp will first reach 2.7c before going onto 4.3c (which is a 4 bagger for those that bought in the post-Christmas ASX Stock Sale @ 1.1c). I don't think that 4.3c will be the ATH for RMX in 2021. But lets not get too ahead of ourselves. Lets review RMX"s chart mid-year and undertake TA reevaluation then. I wouldn't be surprised if RMX (it's potential realised) turns out to be the micro-cap explorer of the year!
RMX Price at posting:
1.2¢ Sentiment: Buy Disclosure: Held
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