Technical appraisal15 Mar 2023 19:04
I rarely comment on price movements but I see much nervousness here. As a chartist with 30 years fulltime experience, specialising in pattern analysis, I believe I am looking at a bowl-with-handle formation. Quite classic. The external events driving sentiment have made the handle formation, a consolidation period before further upside (assuming no price-impacting negative news), rather more severe than I was expecting a couple of days ago ( I was expecting a drift down to about 36p before the next leg up), but the formation still holds imo. I bought more then and more today. I am a long-term holder.
For me the story is what supports the chart, and the story is one of overreach, new management, removal of deadwood, consolidation and renewal. A phoenix company. It is a situation which does not always play out well, as in a company goes bust or gets taken over at a poor price, but the story here suggests that in this case the pattern will play out. Best not to be too short-term about it - it is a large pattern measured in months not days.
It is just my opinion and I may, of course, be wrong.