From a daily high/low chart I noticed the following:
1. 10 and 30 day moving averages are moving down.
2. RSI is moving down and is below 40.
3. MACD has just made a negative cross over below zero and is moving down.
4. MUN fell from a high of $1.02 in February 2008 - ah, those were the days before the stark reality of MUN's actual mining set in - to a low of l0c in November 2008. MUN then recovered 40.76% of that decline, peaking at 47.5c in June 2009. Since then MUN has been in a solid downtrend, notwithstanding the fact that the XGD gold index has shown gains.
5. A fall below the December low of 21.5c will probably not be pleasant for MUN. Currently MUN is 22.5 cents sell.
Now we wait to be given the financials concerning the temporary cessation of mining at Engenho for nearly a month. I doubt this will be bullish news for MUN.
Has it already been priced in the MUN share price?
The MUN bulls will say, "Yes." Others might say that it has not been fully priced into the MUN share price and it is possible this negative information could yet surprise the market.
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- what is mun's chart telling us??
what is mun's chart telling us??
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