Hi everyone- no chart for a while so here's a daily and a weekly...

Hi everyone- no chart for a while so here's a daily and a weekly with lots of commentary for anyone interested.

Over the last couple of months it appears downwards price movement is becoming increasingly difficult and momentum slowing as short selling is drawing out less additional "real" supply and having to work a lot harder but for little further progress from the previous down move. For example, at the beginning of August after a steady green run including 6 green days in a row - something not seen since the June '18 breakout - short selling noticeably jumped up (including a $6M day on 1/8) and eventually price broke lower than 0.475 which had been providing sturdy support. And since then while trading volumes have been low to average, shorts have often made up close to and over half the trading volume. So since the last decent attempt at an up move in early July, sellers have jumped on the price and successfully smacked it back down at 0.53 and shown considerable commitment. Despite this effort however, the last down move only made it a further 1.5c.

But for price to make a sustainable move up it requires more than just the selling to weaken and momentum to slow. For a real turnaround it requires demand to step up- strong buying to appear and drive price up. Unfortunately, since the up move in early July the next two have been weaker on less volume each time. So while there is thinning supply at this level which suggests it may be finding a base, without some decent demand it's hard to imagine that price will hit the 0.53 level with enough strength to break through in the immediate future. The last couple of up days could potentially be a little profit taking flag (bear flag) with some shorts covering as well as some bargain hunters. The relatively wide spread up bars on middling volume again suggest that supply is thinning out, and it would of course be nice to see price continue steadily higher, but in the absence of any dramatic news or catalyst, and with committed sellers most likely still perched above, to me the chart is setting up for some sideways movement for a little while.

Cheers and good luck everyone.