MTL looks as though it may be in recovery mode, being slowly accumulated at low levels. MTL is in the scrap metals business; sold off heavily after the "Asian crisis" hit.

Any break above $1.45 or so indicates a move initially back to $1.75, being 30 cents, the width of the rectangle, added to $1.45. This is also back to previous lows, which then often become resistance for a while.

With a fully franked yield of 3% on a p/e of 30, the fundamentals remain unexciting. As a long term play, you'd want to see some future earnings gains in the pipeline.