Is this the last opportunity to buy RNU cheap? With graphite prices trending up, and the project looking likely it will come to fruition, I'm confident RNU is starting an upwards trend in share price too. It looks like the chart has broken out of the red down channel upper line, and attached itself to the green trend line, like a magnet. Hopeful we’ll see a quick retest of the breakout (support at the new green trend line), and thus CONFIRMATION the BOTTOM is already in.
This could inspire some FOMO strength coming from those waiting on the side line and swing traders. Building of any larger positions have had ample time since January, so time to let those brakes off. Obviously I don't want to jinx anything, and no one knows where it will go, but advertising the positives I see right now may increase it's likely hood. Shorts are also down this week to 1.6%
To illustrate, I've drawn up a couple of possible bullish scenarios I'm hopeful of seeing Monday or through the week. Not saying this will happen but I like the look of this set up. Hopefully investors see the bigger company picture, and past any unrelated international news.
1) This could be very possible tomorrow. And buyers may come in throughout the day(s) 2) Would also be very welcome
3) Massive fake out tree shake, which seems unlikely. No visual chart for this rubbish scenario. The chart has spent this entire year going sideways under an oppressive line in the same direction it's going currently. So if option 3 happens it is just temporary before fundamentals demand a correction to the market cap given the potential (1.5B NPV) and global demand of the future.
Would you take the chance to pay a higher price on what is set to be one of Australia's next blue chip companies at such a bargain?
All my opinion, and not financial advice, I might be wrong (hopefully not)
RNU Price at posting:
9.1¢ Sentiment: Buy Disclosure: Held
