The price seems to be holding nicely at a higher level over the last 2 months since the Rights Issue. The sell down has been reasonably minimal and over the last 3 trading days we've seen solid offscreen line wipes on both heads and options, suggesting some impatience to load up.
Providing below the weekly chart. Assuming we keep treading water before a deal announcement I expect the price will test 1.2c before falling back and finding support at the top end of the current trading range before having another crack at 1.2c and moving to a new trading range higher than where we are now. I'm encouraged to see volume now starting to pick up which is supportive of a move up.
And if an announcement on a new project does drop, all bets are off and the overhead resistance lines come in to play as initial targets. My gut feel is that a deal is getting close based on trading action the last 3 days
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