Yeah
@Bgas it seems that way. As I said in a post a while ago, I don't think we will be going anywhere for sometime. Not being negative, just realistic in my view.
In the 12 month chart below you can see we have been in a downward channel for about 8 months.
This in my view has been due to:
1. Macro (bear) market
2. Slower than expected progress making the plant operational
3. Trend/TA making us unattractive for new investors - point 1 being the 200MA crossing the 50MA
4. The operational issue and communications which should have been handled better
5. The recent CR which again should have been handled better
We are now trapped in what I expect will be a sideways channel (grey shaded rectangle above point 2). My reasoning is pretty simple. Many of the CR participants are likely to flip shares, so as soon as a ~10% gain is on offer they will sell through it. The SP may be allowed to run for brief periods to draw buyers up and then will be sold into. It is just a sad likelihood in a bear market.I would love to be wrong and have the CR participants hold tight, but I don't see it. I also expect that people wanting to buy know that the CR was at $2.14 and are bargain hunting around this range - which makes good trading sense.
What we really need is a series of positive announcements to wash through any CR flippers, and reset TA. Helium a good start, multiple funding arrangements getting locked in for phase 2 another. I really hope here we can secure a cornerstone equity investor or two, possibly US listing will facilitate this.
2022 has been a poor year (or eight months at least) for RLT share price, but the company has made progress, albeit not what I (and I expect others) would have liked. Let's hope we turn a corner in 2023 with phase 1 production in full swing and commencement of phase 2.
Just my views.
Cheers
KK
