NMT 4.48% 35.0¢ neometals ltd

Dom360

  1. 3,525 Posts.
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    @Dom360
    Hi Dom as requested.
    Weekly chart.
    Looks to be forming (or already has) a head & shoulders pattern
    Left shoulder week ending 22 April. Head 10 June. Right shoulder (if already complete) the week ending 1 July.
    If it has not finished on the weekly then we should see another move up to the $0.45 – 50 level next week.
    At this stage the weekly candle looks bullish with support returning & with an increase in volume which does hint of a continuation. Or at least momentum building for another attempt.
    (The daily chart does look like it has already completed the pattern so there may be another low to the $0.42 level before any move up.)
    From the week ending 8
    th April the sp has seen a lot of distribution / selling above the red channel
    in the circled area above $0.40.
    The end of the rising prices was signalled by a bearish divergence between the weeks ending 22 April & 6
    th June. The high on week ending 10/6 was made on lower volume. Also an indicaton of support slowing.
    The previous two weeks action after retracing from the highs appeared to have found support around the $0.39 – 40. The rally during the week ending 1/7
    th was on lower volume followed by the small candle (doji / spinning top) and the rally failing again last week at the resistance at the top of the channel.
    So far this week the sp has retraced & again retested the base of the channel but appears to be showing buyer support returning.

    Looking inside the weekly candles it looks as though the H & S pattern has completed.
    The low on the 12
    th seems to have bounced off of support & is now attempting to move back up.
    A downside break of the thick red line would probably lead to a larger retracement, possible back down to the $0.27 level.
    Historically this stock appears to regularly consolidate & trade in an aprox. $0.045 range.
    The move from one box to the next can generally be calculated by the size of the previous box.

    Yesterdays close (& high) finished at the top of the current box & also the resistance from the rising dotted median line parallel ( MLH) line.
    Today’s chart (at 2pm) shows the sp has moved up into the previous range box where it is contacting the top of the down trending channel. It has done so today (so far) on  lower volume from yesterday’s rally and the doji candle now (1:30pm) is probably indicating further weakness for tomorrow.

    This is the first time I have looked at NMT & the only FA I have looked at so far is a dozen or so posts & the last announcement so this is mainly just my thoughts from looking at the chart.
    Cheers.

    NMT July 14.jpg NMT W July 14.jpg
 
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Last
35.0¢
Change
0.015(4.48%)
Mkt cap ! $190.8M
Open High Low Value Volume
35.0¢ 36.0¢ 34.0¢ $433.4K 1.236M

Buyers (Bids)

No. Vol. Price($)
4 40706 34.0¢
 

Sellers (Offers)

Price($) Vol. No.
36.0¢ 73928 3
View Market Depth
Last trade - 16.10pm 02/03/2021 (20 minute delay) ?
(live)
Last
35.0¢
  Change
0.015 ( 4.48 %)
Open High Low Volume
35.0¢ 36.5¢ 34.0¢ 227039
Last updated 15.59pm 02/03/2021 (live) ?
NMT (ASX) Chart
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