Here are some more technical observations following last Friday’s close. Some of these were mentioned in the last few days, but most don't seem to have been mentioned yet. There were too many annotations to put onto one chart, so I split them across five:
Weekly chart (price)
1) A clear breakout above the (most immediate) long-term descending resistance line
2) A powerful confirmation candle – a 27% rise
3) A large green candlestick with a tiny upper wick - the candle body was 15 times larger than the upper wick. (In saying this, that candle is probably asking for a retrace)
Weekly chart (volume)
4) Weekly volume was 51 million shares – the highest in 8 or 9 months
5) The confirmation candle has 60% more volume than the breakout candle
6) 3 rising price candles backed up by 3 rising volume candles
Monthly chart (price)
7) Continuation of rising swing lows over 4 years, which were:
$0.003 (April 2020: COVID low)
$0.017 (Sep 2021: Pre Alameda-1 spud)
$0.039 (Nov 2022: After Zapato total depth)
$0.044 (April 2024: Alameda-3 drill bit fishing?)
Daily chart (gaps)
8) Immediate backtest of the descending resistance breakout - which failed to breakout beneath, and instead broke out upward
9) Ditto for the 200-day simple moving average
Interestingly enough, the current gap (1 pip) is the same as what happened in Feb 2022. That too was a breakout above the 200MA - when the gap held, and went up 6x or so, to the all-time high. This is more awkward to draw, but anyhow:
True enough, that gap was filled (2 years later) - but surely the Melbana of June 2024 is a far cry from the Melbana of February 2022.
