give it a bit more time

I just can't see MHL running just yet...

There was a smart trader on the last rally and it has been meandering since he/they jumped off..

Take a look at the sell off on the way up and then the final dump...traders were caught on the wrong side of 4c last time. We need to either blast pass them or consolidate a little further. To be honest I'd like to see it come back and try to shake out more bears. Light volume on 3.5 - 3.3c would be ideal. There is nothing wrong with the story - it just needs some time to recuperate.

And this last run up to touch resistance today has a diverging volume. It just doesn't look ready yet.



Below is an Ichimoku Study. MHL very much respected the cloud formation (dynamic support/resistance) on its bear run and is showing the same level of respect now.

Important points - note at beginning of chart there is a jagged purple line that is caught under the clouds? This is a displaced line chart of the share price. It has respected the candles but today has weakly broken out - still this is encouraging.

2) Note the dashed purple lines - areas where price respects the cloud boundary.

3) Wherever I have drawn a thick orange line in the cloud note that the price has risen in tandem with the orange boundary of the cloud. There is a significant rise starting 1st August - and the cloud becomes a lot thinner suggesting higher volatility. I think somewhere between the 1st August and the 10th August there is high potential to take out its highs and resume an uptrend.




Anyway my 2c..