Chart-Bottomed out?

  1. YLJ
    819 Posts.
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    Weekly chart Indicates MLX might have found a bottom.
    1. Price has moved out of a Bullish Wedge Pattern. Don't be put off by the lack of sharp price/volume rise volume here, I quote: "Note the indecisive and dull period which followed the turn of prices out of the Down-pointed Wedge pattern before the new upward trend really started; this is typical of the price (and volume) action to be expected following a Down-turned Wedge." (Technical Analysis and Stock Market Profits, page 99). The lack of downtrending volume within the pattern is somewhat less common for this pattern but does not invalidate it.
    2. Price has bounced off the support level from the low of June 2013, within a larger support zone (green area) spanning back to 2009.
    3. First Higher Low since price broke down from the 2018 high.
    4. RSI turned upwards from oversold the first time since 2012
    5. MACD divergence
    Daily chart symmetrical triangle being tested at the moment. I would like to see a close more substantially above the upper line.
    IMHO A break of the 0.285 level would likely see a closing of the gap from 27th Feb (see daily chart), though I doubt it makes it there in one go.
    I will be watching the next few days for an entry opportunity. Failure point for me here would be beneath the lower line of the symmetrical triangle (daily chart below). I'm overall bullish in general but cannot say my sentiment is "buy" until some further confirmation.
    GLTA
 
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(20min delay)
Last
57.0¢
Change
0.025(4.59%)
Mkt cap ! $505.2M
Open High Low Value Volume
55.0¢ 58.0¢ 55.0¢ $2.022M 3.573M

Buyers (Bids)

No. Vol. Price($)
2 19522 56.5¢
 

Sellers (Offers)

Price($) Vol. No.
57.0¢ 50000 1
View Market Depth
Last trade - 16.10pm 27/06/2025 (20 minute delay) ?
MLX (ASX) Chart
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