In my opinion, todays long top high and low wick with a close near open shows indecision within the market with a new all time high volume day. Alot of profit taking as it fell to the support of 0.62c and peaked at 0.97c. I have previously stated that i believe this stock will retrace back to the low 60c support range and then continue its upward trend climb however after today i am tweaking my prediction. My stance on the retrace still stands as it is still heavily overbought on the daily chart RSI. However such extreme price actions such as today has influenced my opinion on how this stock will go in the next few days. When i posted my analysis, i made the mistake of forgetting to include the fundamentals of this company within my analysis. Therefore, predicting a much less volatile retrace. But, it seems to me that volatility will continue to be go rampant as there is alot of interest in regards to some anticipated announcements. Therefore Long Term Investors aswell as Day Traders are participating in hopes of making some money. Until these catalysts are presented, we should still experience volatility. BRN MAY have some sort of difficulty leaving the high overbought range due to fundamental investing for the highly anticipated announcements and with extreme volatility from traders for a quick profit. With this, emotional investing/trading will also come into play. Therefore, for those "weak handed people", don't forget that fundamentals are key for profitable Medium - Long Term Investing/Trading. The fact that this company has gained such volatility shows public interests. And with such traffic, id expect the volume of interests to be transferred towards the long awaited announcements into positive price action. My stance is still the same that this will retrace but now with much more volatility with the catalyst being "just around the corner". Long Term, if the announcements are positive and satisfies the anticipation then we should be easily above $1. I do not believe this is "priced in" either. Such achievement would give this company a greater valuated share price of 75c. Aswell as the fact that there is such volatility from 0.62c to 0.97c as seen today. My Sentiment has changed to "Buy" as i wouldnt want to miss being apart of this company before the news.
Not financial advice, just purely my opinion.
GLTA
Chart, page-1776
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Last
15.5¢ |
Change
-0.005(3.13%) |
Mkt cap ! $304.1M |
Open | High | Low | Value | Volume |
16.5¢ | 16.5¢ | 15.5¢ | $537.1K | 3.385M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
55 | 1835555 | 15.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
16.0¢ | 230384 | 13 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 11500 | 0.165 |
6 | 141999 | 0.160 |
53 | 1889111 | 0.155 |
122 | 4223212 | 0.150 |
37 | 747230 | 0.145 |
Price($) | Vol. | No. |
---|---|---|
0.145 | 32000 | 1 |
0.155 | 46773 | 2 |
0.160 | 194066 | 8 |
0.165 | 978840 | 16 |
0.170 | 1194340 | 22 |
Last trade - 16.10pm 10/09/2024 (20 minute delay) ? |
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BRN (ASX) Chart |