The stock has caught attention of a few famous hedge fund managers. That's why I am having a look at this stock Reading through the Q2 presentation, I am quite convinced with the future of this company. Mainly it's because of the easing of lockdowns due to COVID -19, increased in vaccination. Meaning, there will be more economic activities , travelling and factory operation. Meaning it will be good news. On top of that, I think many countries and people are exhausted from the COVID restrictions and most likely more and more countries are following suit in reopening the economy. With closing of multiple refineries, that will be good prospect for the company. Not exactly a fundamentalist I am. Should just read the presentation
From the TA point of view: The chart has been creating a falling descending wedge for years which is beginning the narrowed down. A falling wedge is always a bullish reversal of price trend. That is evidence in the weekly chart. Also, the volume is increasing compared to previous years. The RSI and MACD making a higher low.
Zooming to the daily chart, the price chart is seemingly doing a cup and handle pattern, which the price sitting at 0.382 support. It can be seem also as the completion of wave 2 ready for a wave 3.
If price do break the top line of the falling wedge, we might expect the price to hit 23 dollars. Co-incidentally, that forms a reverse head and shoulder. Drawing the possible neckline of the reverse head and shoulder, it crosses the 23 dollars. Crossing the 23 dollars mark, it will send the price to $33, $47 and then $60. Yup, people might be saying I am high on something. But I do get high smelling money.
Don't forget, if this is the wave 3, then it might probably do..