12th August - Gapped down at open breaking the 20 day MA ( 1st sign of trouble )
4th September - Moving Averages form a death cross above the daily price - ( Confirmation of trouble )
1st October - Price now at .50c and trading below the 20 and 50 MA butt rallied for the next 12 days
12th October - Turned out to be a dead cat bounce, failed at .62 cents, started a reversal downwards 20 and 50 MA turned as well.
28th October - Decline continued until it found support at 48 cents and had a half hearted rally to 59 cents trading momentarily above the 20 day MA peaking at the 50.
10th of November and the sellers stepped in a took control. Opened with a downward gap breaking the 50 MA and smashing the 20 M ( Things are not looking good )
The latest move down brings us to today 8. 25th November - Trading at 36.5 cents this is below the 200 MA ( HOUSTON WE HAVE A PROBLEM ) Where to from here?
If you're a short term trader you are in deep trouble and you should have got out at the first sign of trouble 12th August.
If you're long term holder and you have done your due diligence and holding this stock forms part of a clearly defined financial strategy then you will know that this is a bump in the road.
So the the situation at the moment really rests on what you are trying to achieve and this is nothing other than a test of your Intestinal fortitude.
My experience has taught me that a stock is never to high to crash down to nothing and NEVER too low to hit new highs.
It's never been about the market. It's always about the trader/ investor.
"You, me, or nobody is gonna hit as hard as life. But it ain't about how hard you hit. It's about how hard you can get hit and keep moving forward; how much you can take and keep moving forward" Rocky Balboa
MGV Price at posting:
36.5¢ Sentiment: Hold Disclosure: Held
