Is a move to 30c on the cards??
CPV is of interest right now. The macro environment for the ASX shows some bullish momentum building so there may be some appetite for some risk-on money into smaller cap/penny stocks.
I won't go into the fundamentals, but H1 2023 appears to be the timeframe for CPV to convert pipeline into virgin revenue. Their core offering - which is a patented clear solar glass - is being evaluated by various bodies, and their hope would be that a positive outcome would be the precursor to a flow of sales orders. They have presence in North America which may become a core sales territory for them.
So we have a 45M market cap stock on the (hopeful) advent of revenue generation and that equates to 217M current shares on offer. Nice that it hasn't suffered from dilution.
The current price action shows price caught in a falling wedge, almost touching its 61.8 Fib retracement (from March 2020 low to its all time high of 99c). Money Flow shows ongoing accumulation during the correction and this week's bar showed price moving up above a short term zone of resistance. In fact there's not that much volume traded until we get to 28c so if momentum continued, we might expect prices to test 30c. Expect significant supply from 28c to 32c. The Stochastics arent necessarily positioned to show upside bias - its certainly a fledgling move at present and may be of interest to those with some risk appetite.
I won't go into the fundamentals, but H1 2023 appears to be the timeframe for CPV to convert pipeline into virgin revenue. Their core offering - which is a patented clear solar glass - is being evaluated by various bodies, and their hope would be that a positive outcome would be the precursor to a flow of sales orders. They have presence in North America which may become a core sales territory for them.
So we have a 45M market cap stock on the (hopeful) advent of revenue generation and that equates to 217M current shares on offer. Nice that it hasn't suffered from dilution.
The current price action shows price caught in a falling wedge, almost touching its 61.8 Fib retracement (from March 2020 low to its all time high of 99c). Money Flow shows ongoing accumulation during the correction and this week's bar showed price moving up above a short term zone of resistance. In fact there's not that much volume traded until we get to 28c so if momentum continued, we might expect prices to test 30c. Expect significant supply from 28c to 32c. The Stochastics arent necessarily positioned to show upside bias - its certainly a fledgling move at present and may be of interest to those with some risk appetite.
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