mak and grain charts if interested, page-58

This is the daily chart of MAK to be read with the previous post, a weekly.

No. 1. Is a day when a lot of selling happened, but possibly some buying as well, as can be seen by the closing off the lows. This was on big volume and the next day was up.

No. 2. Another high volume day dipping down into new lows and again finding buyers, can be seen by closing towards the high of the day and also more strength can be added to it because of the spread of the bar is narrower, for example No. 1.

No. 3. Unfortunately this strength was followed by a very WEAK day, one that gapped up, which made it even weaker, but it was on big volume again and closed quite low on the day. This is obviously a day when a lot of selling has occurred and it has in hindsight establish a minor resistance level at 46cents.

No. 4. Used in conjunction with the weekly chart, which was setting itself up for a potential buy, you then pan down into the daily chart for that week and we found a good entry on that Friday which is a low volume down day, indicating a lack of selling. AS YOU CAN SEE the low volume for that week was clearly visible by the low volume for each of the days making up that week. THIS entry level also coincided with the strength on NO. 2. bar.

Almost straight away the following days responded with an increase in volume and price.

No. 5. This is a very weak day, a high volume day that closes off the highs indicating a lot of selling again at that resistance level, same level as No. 3.

Last Fridays close was on the weak side on average volume. What can we expect now ? With the Dow up well and the ASX 200 set for a big open Monday morning MAK may get a boost from that and be able to get up above this 46cent resistance and hopefully sit on top of it and then treat it as support for the next move. If it fails to clear that level because of all the weakness in No. 5. last Thursday imo I don't think it will be long before it does. lol all holders