The volume profile tells an interesting story here.
Taking all of the volume transacted since the recent high around 80p, there is a very clear weighting of activity concentrated between 24p and 40p. That level of participation in a relatively tight price range is a classic sign of accumulation. Someone has been quietly building a position at these levels over an extended period.
A convincing break above 40p on strong volume would be the confirmation signal that the buyers have taken control.
It is also worth remembering the macro backdrop here. Gold is still trading at very elevated levels and any gold miner should in theory be benefitting from that environment. Whether Galantas is fully capitalising on it is worth digging into, but the chart is at least starting to look constructive.
Price target: 65p
Potential reward: 57%
Taking all of the volume transacted since the recent high around 80p, there is a very clear weighting of activity concentrated between 24p and 40p. That level of participation in a relatively tight price range is a classic sign of accumulation. Someone has been quietly building a position at these levels over an extended period.
A convincing break above 40p on strong volume would be the confirmation signal that the buyers have taken control.
It is also worth remembering the macro backdrop here. Gold is still trading at very elevated levels and any gold miner should in theory be benefitting from that environment. Whether Galantas is fully capitalising on it is worth digging into, but the chart is at least starting to look constructive.
Price target: 65p
Potential reward: 57%
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.