Technically/chart speaking we have a Bull flag taking shape this is a common pattern of behavior... The theory goes something like this ...
Stock spikes (usually on newsflow or speculation)... in this case stock holder approval or JV. The stock then retraces in a orderly fashion with a series of mini rally's and mini sell offs with reducing volume as willing sellers evaporate.
This activity causes the a shape of a downward sloping rectangle (or Flag) from the top of the spike (AKA Flag pole) ... The buying pressure continues to build and sellers diminish to the point where and buying activity pushes out the top edge of the flag with increased volume and a rally ensues. Sometimes on an +ive announcement and sometimes on expectation of a +ive announcement. A drop below the lower edge of the flag voids the pattern usually. However, sometimes a large investor will force the stock below the lower edge only to scoop up weaker holders before a rally resumes.
Generally a target price can be suggested as height of the original spike from the flag breakout point however there is some conjecture about whether it is measured from the top of bottom of the flag... I say bottom of the flag as I'm conservative... The flag pole is approx 6.75c high (12-18.75c) so depending on your preference the target could be somewhere between 22.25 to 25.75c....
However the uptrend could be just beginning and given there is more immediate newflow to come (ie well no.2 and Flow rates for well 1, Connect to Production grid etc) then there is the possibility of further advances above these target prices.
Here's a roughie graphic. Pole in blue and flag in green. Generally in bull markets flags poles are 75-80% accurate... 50-60% in a sideways market and around 30% in a strong bear market. I say looking at the SP500 weekly chart (bullish) and the XAO (2yr weekly) in correction or sideways we are at the bottom of retrace leg of a strong bull market. IE expect general market up from here IMHO.
Anyway make up your own mind ... all is IMHO DYOR to confirm
