@kylesh on the non issue yet of the 3B issue of 25 million shares at 4 cents Placement gives some 'clues' on retracement level IMO
I've looked at the 5/20 min particularly Wed chart, The Point and Figure Year.
applied the Fibonnacci Retrace to various points on the Daily
and as per above have Moving Averages short medium long term together with some historic Support/Resistance in a Gap
but all I've got is some Price Range indicators giving likely, possible consolidation zone
being between 6.5 and 8 cents.
BUT a correlation/ a concensus price range gleaned from all those different time frame charts
gives 72/77 as high indication.
Thing is one must get Confirmation of Price Turning as a Buy Signal. NOT just whack a Bid on the Depth at 72 ish and expect a miracle of bottom picking.
Why? There are also strong TA backing on a return to the 200Ema 6 cents
there is a weekly P& F 5/6 cent Support line too and obviously a 72 buy that went on falling knife to 6 would be a 16% Loss,
So I want to stress it is not a matter of SHOULD Buy in this perceived/calculated 72/77 zone but that one COULD on Confirmation.
Further FActor to consider is this 4 cent placement issuing/ At 6 cents that's 50% and at 7.5 that's 37.5 %
and you have guaranteed that SOME sophisticated investors and institutions will be selling their allocation as soon as they can
This is a significant Supply side Input. It will be joined by further Profit Taking and Stop Loss Selling Supply
What we await is the Price where Demand Buying outweighs this Supply Source.
Elementary that is governed by What Price 'kicks' this mechanism in ?
and it looks like 72/77 has a chance.
[but gap and 200ema theory favours low 6/s]
so all 'n'all the brokers reports and 2 days trading next week should give further clarity to charting by Wednesday
MRF Price at posting:
7.7¢ Sentiment: None Disclosure: Not Held