MNS 0.00% 4.2¢ magnis energy technologies ltd

Since this is a Chart thread - I thought I might greet you all...

  1. 9,978 Posts.
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    Since this is a Chart thread - I thought I might greet you all with a chart including one of my favorite indicators - Bollinger Bands.

    @Cabbie might immediately note that it conveys much of the info his Guppy MMA Oscillator does. But I hasten to warn all of taking too much note of any lagging indicator on news driven tickers.

    I have been watching for some time but after reading about the Nobel I just had to have a first sip of MNS. Not only does that award reinforce the quality of the expertise in the company, but sets it apart for the purpose of funding, offtakes and supply arrangements. It is a huge plus.

    Now the chart -
    First note these two things about the Bollinger Bands, they tend to constrict when a change of trend is about to happen and they broaden while the trend continues.
    Also note that a spike above or below the bands is normally quickly corrected. I draw the conclusion that yesterday's spike down is already being corrected - but obviously that will need confirmation tomorrow and Friday.

    I am a follower of Wyckoff's rules. They are complicated, but he used trend lines and volume to determine Sentiment in the market. He saw this as a better predictive means than following lagging indicators. If you notice the daily volume has fallen off since the spike up in September, Wyckoff would claim the sellers are exhausting finishing with one last gasp day down (yesterday) followed (today) by a rush to get on.
    Wyckoff called this a Jump The Creek chart structure - it is incredible how often it happens, even today 80 years after Wyckoff.

    Jump The Creek means taking a few steps back to get a run up to jump back to the other side. Neat, isn't it?

    So if these points are significant - that is, the change of trend at the last constriction of the bands, the sellers exhaustion since the last high and the Jump The Creek - I see a steady move back to the top of the bands at 20c and then (rather quickly, I expect) to the last accumulation level of 27c - after that all depends on news flow and progress.

    Again I am watching tomorrow and Friday for confirmation.

    GL all, thanks for listening.



    https://hotcopper.com.au/data/attachments/1776/1776451-4986fe506c401bc5fcdb19eacc602a8d.jpg




 
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