Australia's largest stock trading and investment forum Australia's #1 stock forum

GXY

0.00%

$5.28 galaxy resources limited

Chart, page-15463

First 15463 Last

Share
Profile

Follow
GARETH78

8,235 Posts.

2918

07/01/20

17:22

Post #: 42268324
Share

Originally posted by Darkstone: ↑

Well, if we are talking TA - given we are in the chart thread - a double bottom should deliver about 2 to 2.5 times the height of the first dip to the hump, which means that if it breaks 112.5 on high volumes, after a small pull back it should rise to about 160 to 170 by about July (based on the length of the double bottom). After that you need something else to drive the pattern. I'd expect a pull back before then between the middle of Jan and the middle of Feb which on previous patterns (absent the double bottom we have just had) could be up to 30% but, with the double bottom in play, I'd expect around 15-20% possibly less, then a resumption of the double bottom uplift. Interestingly a fall of 10% at the moment keeps us inside the current upwards channel (caused by the latest rise). May/June would bring another trading opportunity and then a run up until July. Obviously the news cycle over rules all TA, but in the absence of anything from that space that is the broad TA behaviour I would expect over the next 6 months. Obviously I believe the down-trend has been broken at this point. If something restarts the down trend then the expectation changes (obviously).

Expand

Good post @Darkstone and concur with your thinking. It certainly looks like bottomed with the exception of world events.

I was more trying to correct some posters optimism with cash on hand. If that is the basis for investing they could be in for a rude shock come Q2 2020 update.

GXY Price at posting: $1.07 Sentiment: Hold Disclosure: Held
2 Upvote

0 Great analysis

Reply

Top Stories

VYS

Vysarn acquires Waste Water Services Pty Ltd for $7.5M; WWS to become subsidiary as expansion continues

PYC

PYC achieves key designation for drug aiming to treat blinding eye disease ADOA

Week 35 Wrap: HotCopper’s top watched; ‘iron ore winter’ has started; Oz inflation @ 3.5% MoM; Harris fracking flip

CCO

The Calmer Co’s Anthony Noble reflects on record breaking FY24

CYM

WA Nifty copper project steps closer to restart with Cyprium Metals inking $40M loan from Glencore

LLC

Lendlease sells off US east coast construction operations in latest global divestment push

HVN

Consumers cautious according to Harvey Norman, as profit slumps 35% in FY24

HLX

Helix investor makes partial takeover bid, proposing board changes

TBN

Tamboran kicks off Shenandoah South pilot project with SS-2H well spud

Consumer Staples Shine Amid Retail Slump – Key Stocks to Watch

There are more pages in this discussion • 8,004 more messages in this thread...

First 15463 Last

Add GXY (ASX) to my watchlist

Chart, page-15463

Top Stories

Vysarn acquires Waste Water Services Pty Ltd for $7.5M; WWS to become subsidiary as expansion continues

PYC achieves key designation for drug aiming to treat blinding eye disease ADOA

Week 35 Wrap: HotCopper’s top watched; ‘iron ore winter’ has started; Oz inflation @ 3.5% MoM; Harris fracking flip

The Calmer Co’s Anthony Noble reflects on record breaking FY24

WA Nifty copper project steps closer to restart with Cyprium Metals inking $40M loan from Glencore

Lendlease sells off US east coast construction operations in latest global divestment push

Consumers cautious according to Harvey Norman, as profit slumps 35% in FY24

Helix investor makes partial takeover bid, proposing board changes

Tamboran kicks off Shenandoah South pilot project with SS-2H well spud

Consumer Staples Shine Amid Retail Slump – Key Stocks to Watch

Featured News