Daily Chart
So on the Daily Chart this isn't a Double Top it's actually a Tweezer Top, a Double top is more like what I showed in the 10min chart but that would be in the daily where it had two rises with lots of candles like that over a larger period of time.
So here it's a Tweezer top noted by the two long upper shadows of each candle.
It's distorted on the daily because the price volatility of trading was so extreme 1.9 to 2.5 with the bulk of trading really being 2.3 to 2.5 range with small, low volume sell offs between 1.9 and 2.2c
It rejected the lower prices as noted with only $6,500 selling into 1.9c and it shows this in the candle with the lower long shadow.
One thing that's very bullish that contradicts the candle patterns is the EMA and MA lines, these are both very closely aligned and only starting to move up in their ascending breakout trend and same goes for the MACD which is a little weird here on the commsec Iress (not a huge fan of it like that, ProRealTime indicates it better, might put a chart from there later)
Regardless these two trend line patterns are extremely bullish and both indicate the breakout is just starting.
The stock is only just starting to gain attention as it hasn't been on the market long since it acquired its lithium, consolidated and all of that. So it will have a weird trading pattern that won't completely follow the norms. Given lithium is hot and RMX has $2m+ Cash, 345m shares and a Market Cap of $7m it will gain lots of attention.
So any pullback if there is one will be on low volume and short lived, especially leading up to drilling in coming months.
Pro Traders will know there will be nervous holders who bought in the mid 2c and probably attempt a shakeout in coming days and allow it to drop a little knowing they'll mop up shares at cheap prices.
The way I see it is I'm looking for the major re-rate, been here since 1c and looking for more than just 120% gains and from such a low MC level it's one stock that can certainly achieve this next year.
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(20min delay)