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4.2¢ magnis energy technologies ltd

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TopSahara

7,755 Posts.

514

17/07/23

13:52

Post #: 68824181
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Originally posted by jdpc35: ↑

Two charts for MNS:

Short term (via a 1 year - daily chart), MNS must decisively break through the 17c level to show an initial break of this YTD downtrend. There is a strong MACD divergence set-up at the moment and so if we see such a decisive break of this downtrend, that will be significant from a chart technical perspective.

Note that I have ignored the one day spike on the AAM offtake announcement in defining these chart lines.

My second chart is a 3 year perspective (weekly view chart) and shows the major level of support / resistance that extends across the 3 years and currently sits at around the 30c level. This will now become the major resistance level if we see a break of this downtrend. Note a break would also then see the weekly MACD start to turn up.

With a break of this downtrend, I would expect that this 30c level will be the initial target, where I expect that MNS will test and retest that level (much like it did in July 2020) before any further movement:

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How about a chart update, thanks.

MNS Price at posting: 13.3¢ Sentiment: Sell Disclosure: Not Held
2 Upvote

0 Great analysis

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