While we wait for the drill results from the deep drilling at the Eastern Mafic commencing today, here's my view of the charts.
Ultimately it's what the drill finds that will drive the price, obviously.
I still like to watch the charts and see how investors are responding and if chart patterns are in line with whats happening on the ground.
I last posted a daily chart on the 21/11/18 and showed a divergence between RSI and Price, explaining how this usually signals a bottoming or topping pattern leading to a trend reversal. It's now been 11 weeks of consolidating and holding around that 14c level since that post, forming a nice looking floor and what is starting to look like the beginning of a big cup once a reversal begins. (Bullish Bottoming Pattern)
As @von Rico has mentioned, speculators may start buying this week now drilling has started, hopefully pushing the share price into the low 20's leading into the drill results being released.This would cause the price on the weekly chart to cross the current Volume Weighted Moving Average which is now at 18.2c (Bullish Indicator, look at previous crosses on my weekly chart)
All up, it looks to me that the market has pushed it as low as it could then consolidated, positioning itself for a strong move higher on a whiff of some high grade results coming from this round of drilling. Good Luck to all holders, it's been a long wait for this price action to turnaround but I'm confident the GBR team are on the verge of finding what the market is looking for and the price then moving higher.
This is as risky as it gets in investing but at these prices, with so few shares on market and what the GBR team have achieved to date, I'm holding on.
My opinion only of course, be sure to do your own home work.
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Open | High | Low | Value | Volume |
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Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
7 | 1076314 | 4.2¢ |
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Price($) | Vol. | No. |
---|---|---|
4.4¢ | 20000 | 1 |
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1 | 5000 | 0.125 |
2 | 80109 | 0.110 |
1 | 10000 | 0.100 |
1 | 18000 | 0.094 |
0 | 0 | 0.000 |
Price($) | Vol. | No. |
---|---|---|
0.135 | 78649 | 2 |
0.140 | 142666 | 2 |
0.145 | 56811 | 2 |
0.150 | 35382 | 3 |
0.155 | 32258 | 1 |
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