I still use a beginners chart showing standard 20 day Donchian Channels. They follow the 20 day high, 20 day low and the mid point between the high and lows.. It shows Resistance levels/ Targets and support levels. Prices above the mid point line are in the bullish area.
The channels are the black lines. Notice how the lines move up in steps. That indicates an uptrend is in progress. The last step which is in progress is massive so expect some consolidation or pullback is expected before a further move.
The is a gap up from the 6th July at 12 cents. Gaps are usually closed so there is a very, very good chance we will see 12 cents and possibly lower soon unless the DFS or offtake deals etc come out real soon.
Trading at the moment is above the mid point black line so its in bullish territory.
Basically the trend is very bullish at the moment but MLL is a spec and the SP on specs can go to crap quick smart if there is no constant stream of good news.
At the moment on the 20 day time frame the next resistance/target price is 15 cents and support is at 11 cents. The only thing Donchian channels don't tell is how far it can go after/if it reaches target. That is why we have stops.
As the uptrend is quite clear sachz analysis has been pretty well SPOT ON to date. Again MLL is a spec and they can go to crap pretty quick unless everything keeps going right.
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