TA - The signals from the volume as you have noted and the closing price comparative to high and low is suggesting a bullish reversal is on the way (although a weak signal). As I noted in my post yesterday the next level of support is likely to be $2.34 based on the hitting the138% on the Fibonacci retracement so todays close is in that region. My guess is tomorrow will see a close around this support level and maybe even Thursday with the results hopefully boosting it upwards after that. Fingers crossed!! If support is not held tomorrow then would expect a fall perhaps to around $2.16 - $2.18 before or after the results which is the next real support level based on the P&F charts I refer to. On another note I received advice later today with a revised valuation setting fair value at $4.19 based on a DCF assessment by 2 analysts.
Lets hope this is the bottom and we can see a recovery commence. Still one of the strongest growth stocks on our market so patience is a virtue! If I had some spare cash now I would be thinking about a top up right now.
AX1 Price at posting:
$2.36 Sentiment: Hold Disclosure: Held
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