Ann: Phosphate Fertilizer Project Update, page-319

1.6m traded today. I wonder if that million sell order that was pulled this morning ended up selling today with smaller orders.

6c VWAP today was better trading despite the even finish. The SP is rising on gradually increasing volume. A classic saucer bottom has formed. That is my favourite bottom pattern. V- shaped bottoms are great but they are hard to identify until way after the fact and it's too easy to jump in only to find it was a dead cat bounce. Saucers form over much longer time periods making them much more reliable bottom indicators in my experience. MNB just needs a close maybe around 6.5c to signal the new uptrend.

Here's some independent descriptions of saucer bottoms and their significance.

"A Saucer Bottom is a semi circular rounding bottom that looks like a bowl on a price chart. The volume dries up during the formation of the saucer and increases as prices approach the resistance. Saucers occur somewhat infrequently but when they do they are among the most reliable patterns to trade."

https://www.financial-spread-betting.com/course/saucers-cup-and-handle-and-spikes.html

MNB 1 year



MNB 6 months








https://www.financial-spread-betting.com/course/saucers-cup-and-handle-and-spikes.html


" Understanding Saucers
Saucers usually form at a security’s support levels, whether it be trendlines, channels, or any other measure that defines that security's supply/demand relationship. They occur when a financial instrument declines to a low and then begins trending upward. This price action results in a chart pattern in the shape of a "U" and is generally very rounded with a flattish bottom.

Rounding bottoms are found at the end of extended downward trends and signify a reversal in long-term price movements. This pattern's time frame can vary from several weeks to several months and is deemed by many traders as a rare occurrence. Ideally, volume and price will move in tandem, where volume confirms the price action.

Some key elements for saucer patterns include:
A prior price trend, in this case downward, must exist.
The decline in price should make a low, start a consolidating phase which turns momentum from bearish to bullish, before reversing course and breaking out above the neckline.
The saucer's neckline can be identified by the price point just before the rounding pattern starts forming, and is validated when the price reverses through that point.
The volume can be an important indicator of a potential saucer formation since it will, typically, be lower when the trough of the pattern is reached.




https://www.investopedia.com/terms/s/saucer.asp

If there is a few days or a week of pullback from here rather than a more immediate breakout, then the pattern becomes a cup and handle. That is supposedly more bullish than a saucer but I find both to be the most reliable bottom indicators of all.



https://www.financial-spread-betting.com/course/saucers-cup-and-handle-and-spikes.html