Consolidation? . Yes MTM remained flat to finish at 18c. Our volume was very small, just over 2m shares traded. We opened at 18, touched high of 19 and finished back at 18. So nothing much from today's trading action. An indecision? . ASX REE stocks had a mixed day. Of the 26 REE stocks (list in my Weekly Report) that I track, on average across 26 stocks it lost 0.5%. . Yesterday I had written there may be more consolidation at this level. But I was hoping it happens close to 20. But it seems that now we first want to firm up 18 as a strong support by testing it few times and then make a move. So most of the trading today happened just above that on 18.5. . So after reaching 20s last couple of days it may a bit disappointing not to get into it today. But we have to remember where we are coming from. Many punters sitting on good gains. Markets are still volatile and encourages profit taking. So a bit of churn here is good - as long as we hold support. Then we may suddenly have a boom day and we move up and create new higher support. . Personally I picked a few oppies at 4.3 today. . So what will happen tomorrow? Are we done with consolidation or some more are happy to depart? Its possible some more churn may happen. A bit of off-screen sellers as well. But its good to wear out those happy to leave. Today's low volume indicates that slowly less people want to sell and most punters happy to see what is in future. As I said yesterday, its been trading all right till now, but anything can happen so best to check one's risk/reward. I am happy to see what is in store, would love to see a 52 week high above 22. It looks a bit far away now, but MTM can have a strong day to make a big jump. Will that happen? Lets hope so. All the best.
MTM Price at posting:
18.0¢ Sentiment: Buy Disclosure: Held
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