MNDO, in my opinion is looking a little top heavy at the moment. If you look at the weekly chart and daily charts there appears to be every indication that we could see a continued price correction off the highs seen on the weekly chart from around April of 2011. That would imply a potential third leg down (perhaps to the 200 week moving average) which would be a normal thing under Elliot Wave theory. The hourly chart confirms that a price correction is underway but, to what extent that correction will be is yet undetermined. Both the daily and hourly charts are looking very bullish so it is also possible that with a normal Fibonacci correction here the bull market will continue and a rally will ultimately reach new highs above those of April 2011. In any case, with all three charts showing indices in the Overbought area, it's not a good time to buy now. If I had a position in this stock, as a swing trader, I would be taking profits and looking to see if firm support returns following this correction. This is one case where looking at the fundamental data on a company can actually provide you with some valuable clues as to the possible direction of the stock's price. With a very modest P/E ratio of only 9 times earnings, I would now expect that a normal Fibonacci correction will ensue and the bull market should continue. If it should not, then perhaps the smart money knows something I do not and I would have to take a cautious stance on the sidelines. But, it certainly was a great buy below $0.40 for anyone who was following it back then and it's an interesting one to keep an eye on for future growth. Thanks for the tip!
