Down trend appears to be basing out around the 17c-25c range.
Context: Price broke 17c in February by a single tick (tree shaker? Bullish trap?) before making a sharp rally with solid volume to test the 25.5c high. Since then it has retraced on weak volume before strong volume absorption took place around 20.5c and then 20c.
Chart: Most obvious is a Cup & Handle formation, but also an inverse Head & Shoulders (very bullish for reversals).
The daily price action in the past fortnight also shows a mini Cup & Handle/double bottom formation, which makes it even more bullish.
Trigger: Price currently sits at a minor support level. Has held this support level with significant volume twice.
But what stands out more is that this level of volume compared with the depth tells me there's a lot of hidden orders taking place, some Centrepoint orders, i.e. more sophisticated traders, possibly institutions.
Depth: Strong bid to ask ratio, and like I said, most of the volume spikes were hidden so you couldn't possibly see the action from a snapshot, unless you stared at the market depth.
Shorts: No short positions open (Link), none of my brokers offer shorting this stock, so less future selling pressure.
GLTA
IMD Price at posting:
20.8¢ Sentiment: Buy Disclosure: Held
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