MAY

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2.2¢ melbana energy limited

MAY has no exciting upcoming newsIt has come and pastHence the...

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aurelex90

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02/11/23

18:45

Post #: 70697191
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Originally posted by MWR8: ↑

When in doubt zoom out!

12H chart - A few points to discuss here!

1. We have been within a range for over 12 months (0.125 - 0.040). The lows of this range are the previous yearly highs (nice confluence)
2. We have formed a symmetrical triangle over this period. We can see clear lower lows (LL) and lower highs for the majority of 2022. This trend was broken (ie HH and HL) and for all of 2023 we have been putting in higher highs (HH) and higher lows (HL). Currently we are still making HL.
3. Personally I don't like shapes ie 'symmetrical triangles' ect but this formation with MAY show uncertainty in the market. We are range bound on the HTF.
4. VRVP splitting the range at 0.094
5. Upside - If we break this 'symmetrical triangle' resistance and see a daily close above I would be looking for price targets at:
a. FIB 0.5 - 0.13 - confirming a breakout of the range (look for a retest confirming resistance is now support)
b. FIB 0.618 - 0.15 - Please of STH taking profits at this level.
c. FIB 0.786 - 0.18 and then back our March 2022 highs (0.215).
d. Once we get a daily close above the FUN will begin - ie the golden pocket is at 0.325 (and even higher on the weekly)
6. Downside - If we have a confirmed trend reversal and make a LL (a daily close below 0.056) we will looking to range lows at 0.40. If we see a daily close below and a retest into that support (now resistance) we would be looking towards 0.022 area.

Some positive news and all these lines mean nothing at all

Not financial advice!

Good Luck SH! Bring on the coming weeks and months!

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MAY has no exciting upcoming news

It has come and past

Hence the rises to 10c and sell offs....

This is just going to drift lower and lower....

MAY Price at posting: 6.3¢ Sentiment: None Disclosure: Not Held
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0 Great analysis

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(20min delay)
Last 2.2¢		Change 0.000(0.00%)		Mkt cap ! $74.14M

Open	High	Low	Value	Volume
2.2¢	2.4¢	2.2¢	$21.22K	931.2K

Buyers (Bids)

No.	Vol.	Price($)
16	3584481	2.2¢

Sellers (Offers)

Price($)	Vol.	No.
2.4¢	1992649	11

View Market Depth

No.	Vol.	Price($)
16	3584481	0.022
15	1835442	0.021
17	2374836	0.020
4	824660	0.019
1	318750	0.018

Price($)	Vol.	No.
0.024	1992649	11
0.025	1488709	10
0.026	2198955	5
0.027	1230434	2
0.028	783439	5

Last trade - 15.44pm 30/08/2024 (20 minute delay)

MAY (ASX) Chart

MAY has no exciting upcoming newsIt has come and pastHence the...

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

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

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MAY has no exciting upcoming newsIt has come and pastHence the...

Top Stories

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

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Featured News

Buyers (Bids)

Sellers (Offers)

Featured News