TLG Chart, page-2552

Lol! The red arrow of doom - my view is not much better

Despite a significant rally late March/early April when the market was pretty hot, we have been in down trend since the short term MA50 crossed the 200MA (death cross at 1). We have obviously been caught in general market malaise, and companies without significant revenue seem worst hit. But I know plenty of companies that are down over 60-70% from the frothy highs of late March/April so arguably we are not doing too badly even though it does not feel that way.

We have almost have the perfect the three black crows pattern (2) which is very bearsish, but we are in the last day of tax loss selling and my personal view is that is the cause, with smart money mopping up the selling.

We are at the bottom edge of the bollinger bands (3) and pretty much oversold on RSI (4). So not all TA doom and gloom.

Where to next? Reversal on fresh money entering the market is what I am hoping for possibly even an afternoon bounce as those who are able/willing take positions for the new FY, but really we are going to struggle on both TA, and FA for that matter until we get offtakes, permits and so on.

I love the value proposition here, but we have to get some fundamentals across the line.

Cheers
KK