Originally posted by Cabbie
As I've mentioned before MNS is becoming quite a saga in the charting thread but I like charting this one, I must say though I don't like abusive responses but I think I've managed that aspect - someone asked for an opinion on the latest so I'll give my thoughts.
Looking at the long term, MNS might be just reaching a "cross roads" - the very long term downward trendline was broken a while back but with what could only be described as a very soft consolidation then a minor recovery in mid November.
That's the area where I find MNS interesting - there is a lesser known method of plotting reverse trendlines which was proposed a long way back by Wyckoff and are drawn with dashed lines, they are plotted on the opposite "side" of a normal T/L and can show channels and wedges that would not normally show with a traditional trendline approach - always when one of these correctly plotted reverse T/L's crosses a normal T/L there is usually a change in trend, that happened on the 16/11 with that large green bar so I'm confident of the accuracy. Wyckoff wasn't too fussed about the no. of points his reverse T/L touched nor if it went through some bars so I've drawn one as indicated starting from 12/11.
Anyway this gives a bit of a bullish wedge pattern when combined with the normal trendline starting the same date. It is worthwhile noting the attempts to "escape" the wedge have failed and even today's attempt is very weak - I have left a long term support line in at 29 as well, I think if MNS falls through this it will be very bearish.
Just my thoughts on the latest.
Well, MNS never ceases to be an interesting one to chart - the downward wedge finally broke up but not before giving a bit of a scare to holders - turned out OK for traders though that can read a chart.
I've started a bit of a running commentary on MNS in my charts which I started a while back out of interest so I've left all my scratches on it to post tonight - as I've often mentioned the lack of volume in MNS is a distracting factor at times, I would like to see some of these bars with some decisive volume to get a clearer picture of some of the next days or weeks action.
The weekly chart is also of interest in showing the presence of some accumulation and testing taking place..
(20min delay)
