Now that GCX is gaining some traction & a few eyeballs, we may as well start a dedicated TA thread for those who pay heed to that dark art.
We have had pevious contributions on other GCX threads pertaining to TA, however why not have a dedicated thread to a stock which seems to be performing almost perfectly on a technical basis?
Today the stock reached & surpassed my initial resistance level of 6.5c, trading at a spike high of 6.9c.
This was the first time the stock has reached this level since shortly after its relist when it closed on both the 11 & on 12 July, 2022 on sweet FA cumulative vol of approximately 133k - not significant in any manner other than for TA.
The next level I can see is 8.6c - not saying that it will get there tomorrow or in a straight line.
Following that, to the best of my very limited TA capabilities, all bets are off.
Due to the consolidation during the previous life of this company, we have targets from 70c all the way to almost $12. Obviously, such levels will depend on FA from assay results.
Now I know the $12 target sounds ridiculous & probably is, although at its peak MC, CHN was capped around $3.5Bn.
Assuming GCX has discovered another Nebo-Babel, or heaven forbid something even bigger & better, and assuming an issued cap of 400m shares at that time, is an approximate $5Bn a totally crazy proposition?
In theory, no. In practice, yes.
My rationale being that either BHP &/or RIO will have acquired the company well before it has the chance to attain such lofty levels.
GCX Price at posting:
6.5¢ Sentiment: Buy Disclosure: Held
