The daily RSI trendline that I had pinned my hopes on in an earlier post is now a distant memory: weekly chart RSI and Elder Force have nosed over to the downside and overpowered it, and weekly RSI now has a downward trendline and is challenging 51 support (uh oh).
However prices seem to be going back to the 26 EMA (orange line) (currently at about 6.9c), a level of support that (so far) has never broken. Had a look at my broker screen just now and the bulk of buy orders are clustered between .067 and .072. There are a few below that but at this stage not many, so based on that I am hopeful that 26 week EMA support will continue to hold. As always we shall see though.
Based on the actual company I think that it should go ok long term based on how other ASX listed anode material producers have gone, and they have initial non-binding offtake MOUs and also in-principle financing expressions from three sources, so I don't see this thing falling over anytime soon.
But because of the nature of upcoming announcements (I listed them in the General Discussions thread), it could be a while before there's another decent one so yeah may have to sit tight. Or bale out and come back later.
Weekly chart below.
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