Huge Reversal Taking Place?So there are multiple confirmations I've got here to support the case of a massive trend reversal - I won't go into them in detail because nobody really cares...However I like my chances on this.
GAL trade ideas
$GAL $GAL.AXThis is how i would play GAL.
So much to explain could do with a video. But anyway il try explain.
Identified three ranges. R1 R2 and R3.. H=High, L=Low and Mid = Mid range.
Price rejected R2 High and is currently consolidating between R2 H and R2 Low...
Plan A looking for entry on retest of R3 H or deep to R3 Low. This level has not been retested yet. Will look for entry on 15 or 5 minute tf using the EMA cross and some sort of falling resistance break.
T1 = 1.255
T2 = 1.330
If it trades below the MID range and holds im not interested and will have to re-evaluate.
GAL:ASX - GALILEO MINING - Reversal off support?Just for something different, I was having a look through some of todays ASX announcements and thought GAL looked interesting. Todays announcement was around their increased focus on Nickel and Cobalt. Nickel is particularly interesting off the back of Teslas recent Battery Day announcements saying their demand for Nickel will be strong over the the next few years. From a technical perspective it looks like GAL might be bouncing off a fairly strong support area, RSI well and truly in oversold territory, but now pointing up sharply, current price is above its 8 day moving average. Quite a lot of potential upside if it does reverse and run. Current demand is on the stocks side as well with 53 buyers for 1,685,485 units vs 21 sellers for 660,696 units. @ClinicalTrader here on Trading View also likes it so could be well worth a watch.
SuperTrail says it might be a day or two early yet for confirmation. If it was up again tomorrow or the next day could be interesting.
Galileo - Magnifico!Galileo, Galileo, Galileo, Galileo - You know how the song goes.
There is has been a lot of speculation, high hopes, and a bit of FOMO driving this little miner over the last couple of weeks, and not without a reasonable basis. But will it live up to the hype?
When it comes to speculative , prospectors there are really only two fundamentals that matter.
Do they have the experience and technical capability?
Do they have enough cash to get them to the discovery?
For GAL the answer is YES! Brad Underwood - CEO and Chair, and Mark Creasy are among the countries most successful mining explorers and entrepreneurs. The gents behind Sirius Resources who made mining and ASX folklore with the NOVA nickel discovery which shot the share price north by 10,000% in a few months. And yes GAL holders are hoping for something big too....diamond drilling is underway...but that takes time.
So in lieu of a big announcement where is the share price going? If you want to speculate a few dollars will it hold up while Brad and team drill holes in the ground? ....
Lets examine the chart...
While GAL has been on general upward trend since March, the latest leg in the trend really kicked in on June 30.
This was when On Balance Volume rose above its 30 day moving average, and
We saw positive divergence in the MACD.
On the July 31 we see the start of a bullish triangle formation with a large red candle with the price being rejected at the .40c mark. The bullish triangle has continued to today 26 August. Now before anyone complains that my triangle cuts through the wick of the candle on the 25th, this was intentional. Firstly I think that candle was powered by a lot of FOMO and was built on less than average volume so is a little anomalous. Additionally if I included the long wick the pattern becomes a very bullish wedge more reflective of the speculation than a reasonable interpretation of price/volume action.
Importantly also to note is the angle of the lower side of the triangle. As you can see we can trace this angle consistently back to mid June indicating that the GAL share price has shown consistent higher lows (a rising line of resistance)protecting the value of you parcel of shares. As price oscillates and compresses within the triangle, without any announcements, and FOMO is check, a small positive breakout is to be expected in the next 8ish weeks, starting the formation of a new trend.
However if Brad finds something interesting at the bottom of one of those holes.... then all bets are off..... Call me Mr Fahrenheit, I'm travelling at the speed if light
cheers
The Bush Trader
(DYOR)
