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4.2¢ magnis energy technologies ltd

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snakesnladders

77 Posts.

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15/12/18

15:25

Post #: 36870135
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Originally posted by MaxAction: ↑

Thank your considered thoughts! Following your logic of trend line and reverse trend line forming a bullish wedge pattern, why would it be very bearish to break 29c? If the assumption of a bullish wedge pattern forming should be correct, depending on timeframe, IMO touching on 28c or even retesting 27c could be seen as a required move (wave e) to complete the wedge pattern with waves a to e! However falling through 27c, would not only demonstrate the end of the bullish wedge pattern (possible misinterpretation), but would indicate that the bearish trend is unbroken and should continue to new lower lows!

Even though it would be good for suffering long term holders, for a number of reasons, at this stage I am not at all convinced that a bullish falling wedge pattern is actually forming, but then as you may remember I don't particularly like "best fit trend lines" simply to make a point. In any case, just having contributed my opinion, I'm happy to be proven wrong over time!
Following is my updated MNS daily chart:

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Originally posted by MaxAction: ↑

Thank your considered thoughts! Following your logic of trend line and reverse trend line forming a bullish wedge pattern, why would it be very bearish to break 29c? If the assumption of a bullish wedge pattern forming should be correct, depending on timeframe, IMO touching on 28c or even retesting 27c could be seen as a required move (wave e) to complete the wedge pattern with waves a to e! However falling through 27c, would not only demonstrate the end of the bullish wedge pattern (possible misinterpretation), but would indicate that the bearish trend is unbroken and should continue to new lower lows!

Even though it would be good for suffering long term holders, for a number of reasons, at this stage I am not at all convinced that a bullish falling wedge pattern is actually forming, but then as you may remember I don't particularly like "best fit trend lines" simply to make a point. In any case, just having contributed my opinion, I'm happy to be proven wrong over time!
Following is my updated MNS daily chart:

Expand

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