Trix signal which is similar to MACD has crossed from a deep position, bias imo is to the upside.
Might get caught up around 75/76 first. Target would be 90s.
Today's volume was 14% higher than the 20day average. Against overall market being 60% lower than 20day average.
The only issue is the overall macro market has no volume, which it needs to break resistance and ultimately hold resistance.
Whilst I am keen on MTE (overweight holding), I wouldn't be buying it or anything just yet.
I think this rally is going to fade soon unless volume arrives.
Back to MTE is that rain i see on the satellite image for QLD? This will be the spanner in the works with regards to news timing. Imo I don't expect it to be on time.
MTE Price at posting:
69.0¢ Sentiment: LT Buy Disclosure: Held