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4.2¢ magnis energy technologies ltd

MNS Chart, page-1811

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Cabbie

9,283 Posts.

833

29/06/20

20:04

Post #: 45523549
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Originally posted by Cabbie: ↑

I don't think I've seen supply absorption like that in a long time in any stock so something new. Anyway my chart.

I've drawn a support level at 80 mainly based on that above average volume bar back on the 24th February which marked the final breakdown level before MNS reached it's low and then that 100 level as resistance given by that bar back on the 6th February. If those levels hold that would give a nice trading range and would please investors perhaps. I'll leave that 71 level in there as well, it was strong resistance and should provide a support level (not target) if MNS pulls back. Worth noting I feel the volume in today's bar was excessive for the spread but that will be up to subsequent action.

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I noticed the announcement today and a bit of volume and movement so an update to the chart.

MNS looked like it was going to do what so many do, just drift lower on a general lack of interest shown by the small spread and volumes until today when the market responded.

The channel has been confirmed and a move above 80 would be welcome although more consolidation is possibly more likely.

MNS Price at posting: 7.6¢ Sentiment: Hold Disclosure: Not Held
3 Upvote

0 Great analysis

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