WR1 Chart Discussion

History doesn't repeat but it does rhyme is the oft mentioned phrase and for good reason when it comes to technical analysis.
Just a bit of background before I get stuck into WR1....
One of my most profitable money making strategies that I have found useful in countless instances is to buy a stock once a down trend has been exhausted and an uptrend has started. The indicator the is most reliable for me is the slow stochastic on a three year chart and weekly timeframe for the candles. this smooths out all the noise and effectively lets you see what direction the stock is LIKELY to take over coming weeks.

So lets now move onto the Wr1 example above. In the bottom section of the chart I have put circles around  3 instances of the black line crossing over the blue line whilst its in oversold pink territory. In the first of the two instance that have played out in August to November 2022 and then May the share price rallied from 20c range to well over $1 before seeing a sell signal. in the second instance the share price run was much much shorter, but nearly a 100% move from the buy signal in 3-4 weeks is holy grail stuff for a trader. so we come now to the third and present in play SS oversold crossover buy signal and one can only hypothesize that something similar will eventuate where the shareprice will go higher. I have no idea how much higher it could be anything before the next sell signal however ONE likely scenario is that shareprice goes up to retest the $2.50 highs where one can imagine some profit taking naturally occur. that seems like a decent spot from $1.40 level most would agree in a short time frame of a few months

My confidence enabling me to take positions at this juncture are a combination of this powerful buy signal I have just described AND a few pieces of Fundamental Analysis which i wont dwell on here but to summarise : *drill results imminent *maiden jorc Q1 2024 *capital raise done and dusted *lithium prices signs of bottoming *broker analysis TP multiples higher (big grain of salt lol) and 40mt resource from 5-6 months ago before mineralised extensions were announced)  *majors on a buying spree

now to sit back and enjoy a few beers over the next wee while and see where we land.

good luck everyone!