Very big risk of a head and shoulders pattern (a very bearish reversal pattern) forming now. The technical setup was first on my radar last week but I didn't see it as a big chance of happening due to all the positives, but with such a huge run it seems we might have just overshot the comfortable rate of increase. It's not yet confirmed, but with the trendline broken and such a textbook setup at this stage, it seems very likely to play out.
The technical target at completion of this pattern could be under 10c, but I doubt it will go that low due to the fundamentals. Unfortunately, when something reverses, it can really scare people and technicals tend to be self-fulfilling prophesies (in much the same way as my positive predictions played out recently).
I sold most of my holding today (I was surprised to find myself doing it, but when the writing is on the wall there's no point remaining in love with a stock) and will be looking to buy back in the mid to low teens in about 4-6 weeks. Early days, we'll see how it goes, but when it drops it may drop quickly.
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Very big risk of a head and shoulders pattern (a very bearish...
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