Wow what a day for RMX and markets in general, but it's been that sort of market for a few months now and on RMX last few months.
Lots of games being played and suspect the 8m options recently exercised last month have been sold off.
Far too oversold purely based on Market Cap at $11.5m with $2.8m in Cash and a Cobalt project to come with due diligence to be completed in a few weeks.
Formed a double bottom on the chart, bouncing off 2.3c support again, which it did the same last time, with today's candle forming a long, lower shadow, as it did few weeks ago when it bounced off 2.3c
Thanks for some cheap shares at 2.4c
Was another well orchestrated shakeout, if it wasn't it simply would have continued falling to 2c and under, rather than having buyers mopping up 2.3 and 2.4 and 2.5, hiding in the volume of the morning.
MACD oversold, but the key signal here is the Positive MACD Divergence, price has fallen, while the MACD continues to rise, this is a bullish signal, regardless of the price action that's presenting a cloudy outlook, the MACD Positive Divergence is a good indicator for buying.
Nice update from RMX on their website too, 3 weeks until initial results for DH1 and DH2 and 19th June is also Cobalt DD.
Shakeout setting up for the next push up back into the 3c-4c level in coming weeks.
End of the day it's all based on Market Cap and at $11.5m that's fairly cheap for a lithium and incoming cobalt project stock.
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