I mentioned before that I will post again if I see any opportunities developing.
This is the first time I see something since the downward break of the 0.61
the level that IMHO is not an overly risky play from a purely technical point
of view (day-trading opportunities aside).
Price appears to be basing in a small Ascending Triangle with the correct volume
profile. I prefer larger patterns (unless they are Flags or Pennants) but it is worthy
of note. This potential base is in the area of a previous pattern apex, a gap, and
the VWAP for the current calendar year.
A break and close of the upper boundary would also push through the 5-week SMA
which is has turned down and sitting now on the current candle. In such a scenario
it often provides short-term resistance and I would like to see it clearly surpassed.
The pattern is small and by definition, its implications should not be
exaggerated. However, If a valid upside break is achieved I think it could well be
the beginning of a more significant base and hopefully also a classical pattern.
Perhaps the expected company update will be the catalyst for that.
I generally do not believe in preempting breakouts with early entries without another
patter to justify it & IMHO the safest option is to look for a break on rising volume and
I will likely take a shot at a top-up if it materializes. My stop on such a parcel would be
around the 0.345 level. Though many would prefer it below the pattern, I prefer to keep
them tight.
I'm sorry if the tone of my analysis is not as one-sidedly bullish as some would like lol.
GLTA
Chart, page-3352
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Last
20.5¢ |
Change
-0.005(2.38%) |
Mkt cap ! $380.4M |
Open | High | Low | Value | Volume |
21.0¢ | 22.0¢ | 20.3¢ | $1.148M | 5.421M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
8 | 165683 | 20.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
21.0¢ | 10000 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
5 | 100708 | 0.205 |
31 | 1352880 | 0.200 |
20 | 1078950 | 0.195 |
73 | 2649418 | 0.190 |
39 | 1624922 | 0.185 |
Price($) | Vol. | No. |
---|---|---|
0.215 | 197658 | 4 |
0.220 | 890202 | 24 |
0.225 | 627180 | 16 |
0.230 | 562701 | 21 |
0.235 | 243642 | 14 |
Last trade - 16.10pm 19/07/2024 (20 minute delay) ? |
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