EOF - Ecofibre Limited

[finicky]

Might be time to dig my hole a little deeper. Someone(s) stepping into the breach lately. No break of downtrend but the all time weekly shows how big the volume was last week yet the candle body is small. That's good in a downtrend I'd say, buyers sopping up sellers when there has been a massive release of shares from escrow. The daily chart is kicking on. Long term spec play.

Weekly all data

3 Mth Daily

 

[finicky]

Powering - up 17% on low volume, you heard it first here, lol. At least hardly anyone currently wants to sell.

 

[finicky]

Closed up ^ another 20%, I might have got psyched out at the bottom

 

[barney]

Up another 23% to $1.075 today .... Hats off to you @finicky for your persistence/resilience

I hope it continues and you come out with not only your shirt back

But a couple of nice suits and a Lamborghini a couple of years from now

No guts no glory at the low end of the Stock Market ...

 

[finicky]

but @barney I chickened out right at the bottom - still holding all but didn't add.

 

[barney]

but @barney I chickened out right at the bottom - still holding all but didn't add.

Totally understandable ... It looks like it's on the way back now though.

Been a sharp run off the lows so a breather would be normal at this point, so maybe there might be another opportunity to add

(Assuming the fundamentals parallel the chart of course) I'm not overly familiar with their potential other than its Hemp related.

Good luck with it

 

[finicky]

On the brink of another move down? Less predictable if one infers EOFY tax loss harvesting. Has already given up more than 50% of its prior rally. Low and declining volume which would better befit a corrective move. All in all though I suspect it is breaking recent support and wil go lower. Still interested in adding, despite doubts, but only near last low around 50c

Daily

 

[finicky]

My only hemp stock other than IDT. Down 55% on this last I looked (5 minutes ago). Haven't learned my lesson as tempted to average down again. The chart has lost its downward momentum with an apparent capitulation back in May with that record volume week where buyers stepped up, resulting in a small bodied candle off 50c.

Recent news:

Experiment on various gynaecological cancers using a now patented CBD formulation (see striking slide pictures). Ecofibre is engaged with research in a number of CBD health studies as well as industrial applications for hemp fibre (Hemp Black)

Thomas Jefferson Uni in the U.S exercised exercised its options for 8m options @ 0.54

A fund manager, Perennial Value Mgt, increased its substantial holding in Oct

 

[finicky]

Why is a pizza box square when the pizza is round and all the little pieces are triangles?
Q. How high are you?
A. Hi, how are you?


Conducting a field pot sobriety test

 

[finicky]

The time to take another tilt is nigh. Down 65% on this one. First Half report due around 11 Feb.
Weekly chart is showing a series of tiny indecisive (doji) candles with the price and volume basically flat-lining. This offers hope after a brutal downtrend where price has far exceeded the March 2020 Wuhan low. There is no interest in buying or selling this share market disaster at all (company itself is not crap imo, but what do I know - as this thread amply attests). At least we can take satisfaction that senior management will likely dip out on their 2022 performance freebies which only vest at a $1.50 thirty day average share price (VWAP). A contrarian might show an interest here.
I'm reduced yet again to astrology, otherwise known as chart reading and this chart offers the possibility of a double bottom? Against this, the all data downtrend resistance straight line, currently at 75c, is far from overcome. More sensible would be to wait and give up some of the hoped for upside.

2 Year Weekly

 

[finicky]

Stronger than usual buying. A bid I made 5 days ago @ 0.39 is languishing. Could be making a base here?
Weekly candles have been attractive and positive momentum divergence appearing most noticeably on the daily chart.

Daily

All Data Weekly

 

[finicky]

EOFY, smaashed. Tacked on some more today @ 0.31 trying to pick the bottom, only to see a bid @ 0.285 filled not long later. It's a gamble now on them getting some traction with their several hemp based businesses and becoming profitable post Covid.

 

[finicky]

Sitting stink bid that I forgot about hit @ 0.265
Intraday low 0.26
Cash strapped hemp biotech manufacturer losing money at last Qtrly

 

[finicky]

Up 12% today before the close but to be discounted because of the neglible volume.
This blip though did prompt me to revisit the weekly chart, and as a bottom fisher this chart is very much the sort of chart I like as a high risk punt. I'm not suggesting a buy sentiment to anyone and a review of what I've said on this thread attests to the value of my opinion on it. But if even one of my specs had performed well in this cat scat of a year I would have added a few as a nil term, zero exercise price option bet on this loss making company eventually pulling through. What's going on fundamentally with them these days I have no idea except for broad brush images - I avoid reading about my losers.
Got to post on something.

Held

Weekly

 

[finicky]

Pathetic volume makes chart commentary dubious but seems fair to say at least that selling has dried up. Has it formed a base? Gives me that impression - which doesn't preclude another pullback to support @ 20c.
This loss making hemp company has taken on debt to stay afloat. Been a bit of director buying.

Held

Daily with 50,100 dmas

 

[finicky]

Buyers still not finding eager sellers.
Up another 25% on less than 100,000 volume. I'm only down 50% on Ecofibre now!?

Here's those recent management on market buys that I mentioned:

15 November 2022
Appendix 3Y Change of Director's Interest
Ecofibre Limited (Ecofibre, Company) (ASX:EOF) notes the following share transactions:
- Vanessa Wallace has purchased 100,000 shares at an average price of $0.22 per share.
- Eric Wang has purchased 588,430 shares at an average price of $0.2253 per share.

 

[finicky]

Up another 13% on low volume intraday
Notice that Eric Wang M.D bought another $56k or so on market @ 27c on Nov 16

 

[finicky]

Yeah, that'd be right, Ecofibre up 52%. I sold almost all mine in June for a tax loss ???

Daily

 

[frugal.rock]

How's the funnymentals going here Fin?
I think it might be close to calling a bottom.

 

[finicky]

I don't want to think about it. You're ripping open an old wound.