Short term head and shoulders pattern forming，with a bit of wicking appearing yet again, which probs shows a bit of nervousness as buyers and sellers jostle for the upper hand. Depth is almost counter~intuitive as well, compared to price action.
The buybacks too tend to distort the perceived buyside ratios , so definitely adds a bit of colour to trying to base further directions, and a bit of early volume today too is really interesting.
On the upside, IF the H &S DOES eventuate, we could possbly see a finally see my pullback to the base of the shoulders ( .335) and then surge up to short term highs. (.43ish) If it doesn't, then buyers could push up to test those .385's yet again, forming a new base and testing different conclusions
Tin prices could too have a nett effect on trading demands, and with the BDI hitting 6 week lows, it poses both interesting freight prices and shipping demand pressures.
Guess the US market behaviours over the short term could guide the ASX , and with interest rate decreases looking more and more unlikely into the mediumterm, longer term resource prices could move higher, even with a basing of iron ore.
The next quarterly will be something to watch and see, especially with that elephant in the room,cash at bank pressures...
MLX Price at posting:
36.3¢ Sentiment: Buy Disclosure: Held
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