looking technically interesting

G'day,

After reaching the 62% retrace of the rise from $0.76, ie $1.15, a normal technical bounce would see an upward target of the 38% retrace, ie $1.30.

Interestingly MAK hit the 23.6% point of $1.43, and after some serious late afternoon testing of $1.30, closed above it at $1.34.


Basically it was a very good day and on solid volume.


Obviously another several hundred point drop in the US might put a dampener on things again, but MAK has show serious underlying strength today.


Sometime in the near future we will see a close above $1.43. That will be the sign something is on. Notice too that the $1.43 close the other day is on the declining trend line made from the attempted breakouts in the $1.60's a month ago. Again, watch for a close above this point.