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Basic Technical Analysis From The Butcher, page-45

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Hollizz888

669 Posts.

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27/08/18

14:53

Post #: 35208233
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Originally posted by madbutcher ↑

Sorry I never replied to this one mate. I must have missed the notification.

Your analysis isnt too bad, but I will say a few things. For a triple bottom to form you need a sharper decline coming into it. To me this is just the price setting the support level. Go read up on it on the pattern site.

MA Crosses like that are always positive so good spotting there.

What i would say though is that you need to take a longer term view of that, so have a look at what Ivegot below here.

There is a heavy downtrend that this thing needs to throw off first and given the green trendline that could be happening soon, but that is a wait and see. Watch forthe blue support levels if it does happen. Also note the circles and the green rectangle. That is a gap. The rough, but pretty accurate rule on gaps is that they always fill. And if you look at the previous one, that is certainly the case. If it fills id suspect a stronger move higher, but it first needs to throw off that red trendline.

Keep up it up!

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If MLD has another couple of days like the one its having today then it will be pretty good looking on the charts
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0 Great analysis

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