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Vulcan Energy Resources Limited (ASX: VUL) enters oversold zone after 28% fall in a month. What’s next?

Thu 18 May 23, 05:35 PM |

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Vulcan Energy Resources Limited (ASX: VUL), which non-institutional investors mostly own, has been on a downward trend. In the last one year, the stock has fallen nearly 43%, while in the last one month itself, it has tanked by 28%.

Earlier this month, on 5 May 2023, the stock ended with an over 16% loss after it resumed trading following a trading halt. According to an ASX release, the company had raised 66 million euros or AUD 109 million from institutional investors through a fully underwritten placement at AUD 5.10 per share, which was a 17.2% discount to VUL's closing price of AUD 6.160 on 3 May 2023 (one day prior to the trading halt). Vulcan wants to use the funds raised from the placement for its project development activities.

In the last one week itself, VUL shares have corrected 13%. Given the recent fall in VUL shares, the stock has already entered oversold territory, indicating possibilities of a rebound in the near term. Let's delve deeper into its price chart for further clues about its possible near-term direction.

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