Here is an update of MOG in the Hurst Band Envelope after yesterday's selldown.
Questions:
1. Has prices fallen enough? 2. Has the longer term trend been broken? 3. What are lower and higher rebound levels projected?
Here are some observations and possible answers:
1. The price has fallen off to the outer band envelope (around 14.8 cents on the chart) or channel that I have now added, and then closed above it, off the lows of the day. This price level was the same curvilinear band support level reached on the 29th sept 2009 - just when the price had a spectacular jump last year, as indicated on the chart. This forms the support level.
2. While price has fallen to this outer band envelope, the longer term trend is still turning or curving upwards as indicated by the bands.
3. There is a gap which needs to be filled as prices rebound up as prices do not exists in a vacuum.
4. The upper bounds of the Hurst band envelopes act as resistance and rebound targets, as long as the overall trend has not changed. These bands provide excellent locations as supports and resistances to trade off from for the short term trader.
May the best prices be yours.
dascore
MOG Price at posting:
17.0¢ Sentiment: Hold Disclosure: Held
