By looking at today's trades, I can see no sign that the market had a wiff it was coming.
No trades in last 15 minutes. Low volume day.
I let the technicals talk to me, and that being the case, MRX is the only stock I currently own. You see, I only trade rising stocks, and technically this is looking as good as it gets.
Fib analysis from my experience shows that holding 23.6 and 38 % retrace points mean the stock will make new highs in the near term.
Now, I have already mentioned we have held 38% of rise from 8.1 to 17, but also, this same point, $0.14 is the 23.6 % retrace from its lows of 3.3 to high of $0.17.
The way I see it, MRX has bottomed technically at its highest possible support points. It is primed to go higher.
Fundamantally I know Baillieus are highly bullish on the stock. Ray Chantry has called the shots in the metals boom of late, and he has $0.30 on MRX.
Sometimes announcements turn out to be placements. I doubt it though, as there was one over subscribed 4 months ago.
I note however that AZR went up on a placement announcement today.
Anyway, I have a bucket full.
MRX Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
