Middle Island Resource Limited (ASX: MDI)
SP: 7.3c
MC: $34.23 Million
Shares: 469,000,000 ordinary
Cash as at 30th June 2016: $3.6Million
Middle Island Resources Limited (ASX:MDI) is a gold exploration and development company focused on Australia and West Africa.
Recent breakout of the flag formation and flag pole during last Fridays trading. With around $615K being pumped through, and price closing at its high, upside potential is significant.
From a VSA perspective there is a couple of points that I noticed :
Increasing volumes on the earlier upward breakout that is represented in the dark green horizontal line, labelled A.
To me, the volumes traded under the label B, were slight. This tends to suggest to me that everything except the kitchen fridge was thrown at it to try to trigger stops, and entice weaker holders to sell down their holdings.
Once the CO realised that there was no stock at lower levels to be picked up, they hit it hard last Friday, churning over the 2nd highest volume that the Company has seen,
That upward break labelled C. may result in a gap open on Monday and if that happens I would not be surprised to see a strong trading week ahead and even the next few weeks.
This is not a buy or sell recommendation to buy or sell any stock, so please DYOR
