MAY 7.14% 3.0¢ melbana energy limited

Here are some other findings on the weekly chart:(1) Zooming out...

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    Here are some other findings on the weekly chart:

    (1) Zooming out to Feb 2022 (the date of the big Alemada-1 announcement), and given the rises in the last 3 weeks, the long-term trend line of support (blue line) remains intact. It's promising to see Friday’s close @ 0.077 (a 13-week high) now rising off the support line:

    https://hotcopper.com.au/data/attachments/5826/5826452-425b4548d0dce77e643ec7fd47c076bf.jpg

    (2) Zooming in to Nov 2022 (the announcement of the two-well appraisal program) - and looking at weekly closes rather than intraweek lows - note the four swings low (blue dotted lines). Each swing low is higher than the previous one.

    https://hotcopper.com.au/data/attachments/5826/5826454-085831c649c0a7153fb270bc6a06adad.jpg

    (3) Zooming in again, note something of a rounding bottom (blue curve) following the August dumps and volatility.

    https://hotcopper.com.au/data/attachments/5826/5826457-63fb300c2c1cc101c1a402e0eb8d6ee9.jpg

    A close above the 50MA (red line) followed by a confirmation candle would give a better sense of confidence. If it's going to take 3 months to reach TD with Alameda-3, perhaps some fresh news on Unit 1B will put it over the line.

    Speaking of Unit 1B, I think it’s worth repeating the post of @Wilko16 , who gave all of those great insights from the November AGM, including this one:

    “3 more pads approved for 2 wells each, approx 800m stepout and all to drill Unit 1B.”
 
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