(ASX: $SPQ)
ASX:SPQ Potential move to Z2 (Zone 2), due to increasing bullish volume, interest from retail, and organisational bodies.
I don't think we'll see major moves in share price until we get some interesting market news.
Top 20 Holders have remained the same over the last 2 years, current price reduction represents retail investors cutting losses. Despite having positive market news in April, sophisticated investors did offload some of their shares, not for a huge profit, but in order to buy back in at a lower price.
ASX:SPQ Recently raised $4M AUD to proceed with further drilling and exploration projects. Options have been released with an execution price of 0.06c before Nov 24.
This can be viewed positively, as the company is confident in its short to medium term capability, and is expecting to please investors.
The top 20 Holders own roughly 31% of market share, considering they have remained the same over the last 2 years, we can be confident that they aren't going to dump huge volume on us retail investors.
We can use the RSI to visualise how the institutions are maintaining a level of support at this key level, hopefully pulling us out of this 3 stage downtrend.
I'll try and update this Idea as we get more information from the company in this exciting time!
