I mentioned before that I will post again if I see any opportunities developing.
This is the first time I see something since the downward break of the 0.61
the level that IMHO is not an overly risky play from a purely technical point
of view (day-trading opportunities aside).
Price appears to be basing in a small Ascending Triangle with the correct volume
profile. I prefer larger patterns (unless they are Flags or Pennants) but it is worthy
of note. This potential base is in the area of a previous pattern apex, a gap, and
the VWAP for the current calendar year.
A break and close of the upper boundary would also push through the 5-week SMA
which is has turned down and sitting now on the current candle. In such a scenario
it often provides short-term resistance and I would like to see it clearly surpassed.
The pattern is small and by definition, its implications should not be
exaggerated. However, If a valid upside break is achieved I think it could well be
the beginning of a more significant base and hopefully also a classical pattern.
Perhaps the expected company update will be the catalyst for that.
I generally do not believe in preempting breakouts with early entries without another
patter to justify it & IMHO the safest option is to look for a break on rising volume and
I will likely take a shot at a top-up if it materializes. My stop on such a parcel would be
around the 0.345 level. Though many would prefer it below the pattern, I prefer to keep
them tight.
I'm sorry if the tone of my analysis is not as one-sidedly bullish as some would like lol.
GLTA
Chart, page-3352
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Last
19.5¢ |
Change
-0.020(9.30%) |
Mkt cap ! $382.6M |
Open | High | Low | Value | Volume |
21.5¢ | 22.0¢ | 19.5¢ | $3.501M | 17.34M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
13 | 601346 | 19.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
20.0¢ | 272894 | 3 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
12 | 591346 | 0.195 |
29 | 1122879 | 0.190 |
24 | 843227 | 0.185 |
40 | 1169456 | 0.180 |
41 | 1009318 | 0.175 |
Price($) | Vol. | No. |
---|---|---|
0.200 | 272894 | 3 |
0.205 | 699271 | 4 |
0.210 | 483041 | 6 |
0.215 | 585782 | 11 |
0.220 | 514065 | 9 |
Last trade - 16.10pm 23/08/2024 (20 minute delay) ? |
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