Down trend appears to be basing out around the 17c-25c range....

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