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Tuesday, February 18, 2014 6:29:19 PM
MDNT annotated daily chart including supports and resistances.
Analysis: The stock has already given a few buy signals last week, and, is now testing supports.
The PAR SAR was tested today at .0079, and, the stock has bounced off of it to .009, over 10%, PAR SAR is usually a strong support or resistance, and, the behavior of the stock when has touched it, suggest this is a strong support point.
The RSI is only at 38, and, has much room to run until 90, this is more than enough for a run to .06.
The MACD is right at the point where the big runs begin, near 0.
But, this is the most important detail, only this alone, is enough to cause a bounce tomorrow, it could even cause a breakout of the down trend line(that descending red line you can see on the chart). The +DI has crossed up the -DI, and, is now testing it as support, when this happens, usually they pinch to opposite directions, causing violent moves, it is not the first time I see breakouts caused by this kind of reactions of these two lines, so I call a bounce tomorrow, but, a breakout may be also possible.
Daily chart
Analysis: The stock has already given a few buy signals last week, and, is now testing supports.
The PAR SAR was tested today at .0079, and, the stock has bounced off of it to .009, over 10%, PAR SAR is usually a strong support or resistance, and, the behavior of the stock when has touched it, suggest this is a strong support point.
The RSI is only at 38, and, has much room to run until 90, this is more than enough for a run to .06.
The MACD is right at the point where the big runs begin, near 0.
But, this is the most important detail, only this alone, is enough to cause a bounce tomorrow, it could even cause a breakout of the down trend line(that descending red line you can see on the chart). The +DI has crossed up the -DI, and, is now testing it as support, when this happens, usually they pinch to opposite directions, causing violent moves, it is not the first time I see breakouts caused by this kind of reactions of these two lines, so I call a bounce tomorrow, but, a breakout may be also possible.
Daily chart
Cheers
Dr Pennystock
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