Prices touched a six-year high before retreating. They last traded as high as $1.56 before the global financial crisis. And, although prices have surged 34% since the start of the year, they are still trading at a hefty 60% discount to their latest net asset value (NAV) of $2.35 a share.
In the short term, prices are overstretched. That may lead to a temporary consolidation, after which the next step will be clearer. At present, quarterly momentum continues to rise, 21-day RSI is at an overbought high and five-day stochastics has turned down. Support is at 87 cents and resistance/breakout is at 95 cents.
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