- We had a break of 115, but it was not held, leading to more consolidation and a retest of support.
- Closed on support last night.
- The recent sell off has been on decreasing volumes, so it is not strong momentum to the downside at this stage.
- MACD is yet to trigger.
- We now need a break of 116 to confirm the triple bottom pattern. To test a support line and hold it three times is stronger than a double bottom, so I guess this is just laying the platform even more.
Critical time today to see if we can hold onto that support. Dow being up 235pts helps! Some substantial news, from MPO or the industry is what we need to get the buyers to come out again. You can see when it looked like it was away last time that the volume spiked and the price could move pretty rapidly.
Also on fundamental side... 55c per share or so cash backing, so currently 47c of value only for all of MPO's tenements, or about $87m.... definately some value there.
MPO Price at posting:
99.8¢ Sentiment: Buy Disclosure: Held