Metals X (MLX.AX)
Trading: SELL @ $0.21
Signal Strength: WEAK
Indicator MUST BE USED in additional to another technical indicator to confirmation for trading entry. Indicator can be applied to the short term timeframe but is only able to give and indication of the strength of the buyers versus sellers at the market close. This bar analysis can provide guidance on the daily battle between sellers and buyers from the companies recent trading.
Metals X (ASX:MLX) sellers are keener than buyers and are driving the price down. There has been 4 consecutive days of price decline for MLX adding strength to a downtrend in the first timeframe. The biggest downward movement this month has been -8.0 & the greatest daily negative change this year has been -91.8. The longest consecutive downswing rally over the last 12 months has been 4 days giving a total rally downward movement of -95.4%. This quarter, the largest downswing rally has been 4 days giving a total rally downward movement of -95.4%. The loss ratio for price rise in the first timeframe for the last 12 months is 0x giving a total win/loss ratio of 0.2x. Over the last month the average daily downward movement has been -5.200000%
The only price most market participants look at is the closing price in relation to the previous day’s close. As such the position of the close has the ability to highlight recent performance and indirectly the keenness of traders.
[Calculations] Close Today Versus Close Yesterday (CTCY):
1) [Close] > [Close Yesterday] = Buyers keener than sellers;
2) [Close] < [Close Yesterday] = Sellers keener than buyers;
3) [Close] = [Close Yesterday] = Neither are keener
PROFILE: Metals X (MLX.AX)
Stock Exchange: ASX
Company: Metals X
Ticker Codes: | MLX.AX | ASX:MLX |
Metals X Limited engages in the operation of tin and copper mines; and exploration and development of base metals projects in Australia. It operates through Renison Tin Operations, Wingellina Nickel Project, Nifty Copper Operations, and Maroochydore Copper Project segments. The company holds a 50% interest in the Renison tin project located the west coast of Tasmania; and interest in the Nifty copper project and the Maroochydore copper project in Western Australia. It also holds 100% interests in the Central Musgrave project that covers an area of 1,957 square kilometers of exploration tenure, including the Wingellina nickel deposit, the Claude Hills nickel deposit, and the Mt Davies exploration prospects located in the Central Musgrave Ranges. Metals X Limited was incorporated in 2004 and is based in Perth, Australia.
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