Hi all, Thought I would put in my 2 bobs worth. Firstly Wilfran, I would like to thank you for your detailed reply, far beyond my analytical capabilities. But nice to see alternate approaches to price targeting.
My view on next week, unfortunately I have tempered my initial expressed optimism and now believe it is now down to close the gap at 19c. Whilst I initially thought (read hoped) that this was a breakaway gap starting to look more like a common gap.
My observations
Price hit the 61.8% extension and bounced right down to sit on both the S/R line at 21.5 and the long term 50% fib (taken from 15th January to 26 August 2016)
In this process smashed through the 20 SMA and 8 day EMA (which I consider to be an important trigger MA)
As was observed last week there is a price gap at 19-20 cents which represents the next S/R line.
The trend line extended from 29th September 2017 to 11th May 2018 intersects with the S/R around this date. Currently the 100 day SMA is also tracking the trend line
Currently the 50 day SMA sits at .228 I expect this to converge with 20, 50 and 100 SMA (and very likely 200 SMA) around the 11th of May.
This is when I would expect the next substantial move up. The good news is (assuming this pans out) will have formed a very nice ascending triangle which should offer around an 8 cent upside breakout (taken from 17th November 2017) to around 30 cents. Which pretty much coincides with 100% Fib extension from 29th September commencement of trend line.
In the interim I would anticipate SP bouncing around between S/R and trend line.
If it were not for the gap I would be somewhat more optimistic of the short term movement however I feel that it will be filled one way or the other and will hold the price back until it occurs. The technicals do not always align with the FA.
A little longer to wait
Although last time I commented on MOY, price jumped 10% the next trading session (damn those pesky positive announcements!)
I hope I have articulated the above clearly (with chart assisting). Easy to observe, hard to clearly express.
GLTAH
Charlie
MOY Price at posting:
21.5¢ Sentiment: None Disclosure: Held
