Thanks to Marchello on TS for his TA yesterday (nb I haven't posted his chart just his comments):
1. Retrace was less than 50% of initial move ((39-9.5)/2+10)) = 25 - yesterday bottomed out at 25.5 to close at 28 which in itself was a hammer candle indicating buying support.
2. Today was a continuation 2 candle pattern, with a gap up from yesterdays close and a close on high @ 31
3. Increasing volume
4. MACD remains above 0 and appears to increasing again indicating a bullish divergence of the short term MA from the medium term MA
5. Uptrend remains in tact within acceptable cycle. Period from high to low was 8 days - generally, if an uptrend doesnt resume within 11 days, momentum will carry the stock through its 50% retrace towards the 61.8% support level (21 cents which would indicate a breach of the initial breakout level)
Its one for the watchlist on Monday. A key break of $0.335 on good volume will indicate stock is headed for a retest of highs. Stops set at one tick below the recent low, ie $0.25, would allow plenty of breathing space to let the trend continuation develop.
Target with a breakout from $0.395 is $0.695 ((39.5-9.5)+39.5)).
MDX Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
