Hi all 'current' VMT holders ... Been awhile since I last posted a chart on VMT(and was in). Last time was back in May(see above on this thread). VMT was then at 20c. Must admit here, I thought that level was near a possible chart low for a while. I was wrong! Fortunately it only cost me 1c(5% of capital) as I got out in late August after it took out the 16c swing low the 2nd time.
That was then, now is now ... What has happen since(that 16c breakdown) is surely disappointing to L/T shareholders as the charts show. Sure, both Weekly and Daily charts have been nearing chart low extremes for a while, both in price and via most Oscillators, so it was 'inevitable' those oversold conditions would produce a reaction ... sometime! Somewhere between the all time low @ 9c and the June '13HL @ 11c was honestly my bet BUT, NOoooo....it was squeezed another - 33.3% in value to 6.4c.
BUT amazingly since last week's 6.4c multiple lows we have seen a whopping 72% rise to today's high of 11c(so far).
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So where to from here ... Well to be honest still too early to state with convidence BUT there are some encouraging signs(on the charts) for the Bulls. The Weekly chart shows we could get our 1st weekly close outside and above the L/T downtrend line(from 2009H) ... anything above 8.2c will do... and backed by confirmed +ve Divergence on the MACD. The Daily Chart supports the Weekly signs in that its MACD has had its 2nd, and higher, +ve crossover(a more reliable signal) on the back of obvious Divergence. In addition, SP action today has filled the initial GAP down hurdle(9.4c to 8.5c) and reached the 2nd chart Res. point in 11c(with the 2012L @ 9.1c being the 1st also achieved today). For those 'watching' SP action closely you may have noted that the initial rejection @ 11c has found intraday support @ 9.4c(our GAP 1 high). Now, for continued S/T bullishness, SP action would have to followthrough and find sustained value above the 11c/12c barrier and if so the 'magnetic' higher GAPs may be the next initial upside targets/barriers.
All JUST in the opinion of one Trader/Chartist ... See how we go!
(20min delay)
