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4.2¢ magnis energy technologies ltd

The stock has made further lower lows and the capitulation phase...

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anf0

1,595 Posts.

100

11/10/18

16:14

Post #: 36088409
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Originally posted by anf0 ↑

Technically speaking, in order for the downtrend to be broken we need to see a break above 41 cents, a weekly close there at minimum and enough strength to remain above it going forward.

However based on the chart I see no reason to change sentiment. What you’re seeing is more likely another lower high in line with the trend, followed by the predicted capitulation. IMO that’s what needs to happen before a definitive bottom can be formed. As you can see buyers have been overrun at this level at every attempt to take it higher.
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The stock has made further lower lows and the capitulation phase looks to have begun. A couple of red weekly candles down to 20 will be in order IMO, purely off the chart technicals. Sadly broader market conditions will make life hard for the spec small caps going forward.

MNS Price at posting: 30.0¢ Sentiment: None Disclosure: Not Held
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