Will we get back a finish above 17.5? . Yes MTM finished 1c up on 16.5c. Our volume was decent without being very high, just over 6.4m shares traded. We opened at 16, touched high of 17.5, low of 15.5 and finished above open at 16.5. So from numbers/charts perspective those who follow, it was positive in that context. . So after losing couple of cents on Friday, we have been able to claw back 1c today. As I wrote on Friday, in this phase of trading, before last week, 15.5 had acted as a resistance. Last few days, the same 15.5 is acting as a support. So its looking good as well from numbers perspective. . Although we are not totally dependent on market conditions, but it does help if the markets are green. At this stage overall markets are also looking good, but last 1 year has taught us that there is no certainity. But still positive vibes as of now. Those interested, I cover general markets in more detail in my other posts - here is one I did on the weekend.
So what will happen tomorrow? We have been knocking around 17.5 for some time, intra-day went up, but have not been able to do a finish above that. Today was a healthy consolidation and good churn mostly at 16/16.5 - so hopefully lot of supply is being absorbed. Many punters may be happy to take their profits as it traded around 10 for sometime, so its good to see that profit taking is absorbed and SP still rising. If things don't go well. lets hope 15.5 support is held. But if things go well, 17.5 could be taken out. Will that happen? Lets hope so. All the best.
MTM Price at posting:
16.5¢ Sentiment: Buy Disclosure: Held
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