Originally posted by 13th
Iam almost tempted to have another swing as the share price butts up against the 200 day MA again. Last couple of times it rejected and I don't think the short term MA's are close enough to the $0.28 mark to warrant the share price legging through here and breaking out to the topside. I don't think we are far off though, maybe a week or two at most.
MACD crossing over the 0 control line back into positive territory is a good sign. RSI trending north heading towards the over bought region, but not there yet. Not bothered by the stochastics setup as it can reverse trend and stay overbought when it wants to.
Very similar technical setup to that of MIN, with the short term MA's converging on the 200 day MA, as a result the share price pushing through the $16 mark hard yesterday and continuing on today, after a false start in the morning and the Li hard rock numbers coming to market (which ended up being a positive catalyst as they were higher than GXY's), which head f$!ked me as I was about to set a position and hesitated, next minute the rocket is off. and i didn't chase.
I'll have another go if the share price consolidates under the $0.28 - 200 day MA for the next week, enabling the short term MA's to move closer to the 200 day MA, then i think it's go time for a half decent move higher. I think the catalyst will be some sort of positive news, as opposed to a new buyer just emerging on market trying to get set.
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Technical wise, the trend is very bullish but we still dont have the volume.
Confirming offtake or financing will kick this off like a rocket.
and not showing this setup for a move into the $0.60's+
