DJIA (2nd chart) is looking like its consolidating sideways now....

DJIA (2nd chart) is looking like its consolidating sideways now. That's a relief because if it kept going higher it increased the risk of a bigger correction. Sideways will do just fine! It's also forming an ascending triangle and that is a positive pattern. So, we might have to put up with a break higher at some point anyway.
The S&P500 (top chart) is in an uptrend channel for now so the odds are for gradually higher prices (with corrections along the way) until we see a double top and then maybe a similar sideways consolidation could form, similar to the DJIA. It could also pull back to the bottom of the channel at some point and remain in the current uptrend.
Our All Ords is much stronger. Maybe there is a lower risk of a recession here and resources are certainly supporting our market as well.
There are no obvious reversal signals yet so the odds favour further strength, at least until it hits the top of its channel and then I'd bet on a correction of some sort.
That strong chart certainly applies to MNB as well. It's sp is consolidating high again in a pattern of strong rallies and then holding most of those gains while consolidating. Any good news in coming days could see a move to at least 15c. If it takes a few weeks before we get news, then the top of channel is 16c. The news to date that has led to this channel hasn't been as important as some of the news that we are waiting on so a stronger announcement (or two) might even see the top of channel get broken. I see no reason why this stock shouldn't be at new highs above 2021's, 21c high considering the progress to date, the approaching scoping study for green ammonia and approaching production for phosphate this year.
All of the charts below have now clearly broken their down trends. Now it's time to either sit or add, at least until some major reversal signals are in. We had a major reversal (up) in the DJIA in October when I posted that I thought that spelled the end of the bear. I then put all of my available cash into MNB between 7.5 and 8.5 (cash meant for the taxman and finishing my house off). I pulled most of that out at around 10c but then put it quickly back in on a correction to 9c and now I'm letting most of that ride as long as I can. I have no need to sell my much larger core holding.
I am still reading stories that the US market shouldn't be rising with continuing risk of recession but I have learned that even if these people are correct, in the market you can be completely right but way too early. I.e. markets can continue to rise for years even when overvalued. I've seen that over and over. Of course when they do that you need to be more wary as time goes on.
MNB's current rally is looking almost identical in its slope to the rally that took the sp from 5c to 21c in just four months in 2021 (bottom chart, green lines). The price quadrupled in four months. I've pointed to that in recent months suggesting something similar could happen again. With this rally, the price has now nearly doubled in less than two months. It's on a similar track to be able to double again by the end of the fourth month. It has more reason to do so too because this time the green ammonia is more de-risked with pricing agreed, a big tech partner on board progressing through to a scoping study, and the phosphate is now much closer to production with the DFS also completed. If the sp quadruples again this time (off its 7c low), that would get us to 28c and the mc to around $224mill (assuming that all April 2023 options are exercised). The phosphate base case, after tax NPV is around A$292mill for MNB's 85% share (at current exchange rates) .$224mill (diluted for April options) is a pretty big discount to the base case NPV considering the spot fertiliser price delivers a much higher NPV (probably well over A$400mill at the current TSP price) and the green ammonia surely deserves to have some value attributed at this stage but effectively is still given no value yet. 28c will still be too cheap fundamentally so I see every reason for the sp reach that level well inside of this year and the sp is certainly tracking that way atm, with no reason at this stage for that not to continue. If we ramp up production by end of year, the sp should easily be well into the 30's and it won't need outside markets to continue higher to get there.
Anyway, the backdrop is very positive for MNB's sp to be able to keep rising on news flow and there will be no shortage of that in coming weeks and months.