MRM Chart - Positive

MRM has been travelling in a downtrend for several months and appears to be turning at the moment.
A new uptrend could be in the near future.



The reasons why I think this is the case are;

Stock is Oversold
1) RSI on weekly chart is currently oversold and has been for several weeks. It is trending upwards now and may continue to do so. Further share price increases will be accompanied by RSI increases.



2) RSI on monthly chart is currently oversold as well. This gives me more certainty that the share price may break it's downtrend and begin an uptrend which lasts at least a month. RSI on the monthly being oversold also gives support to the fact that the weekly is oversold and the turn is currently happening.



Smart Money
-> It appears the instos have been accumulating for a few weeks at these low prices and have been keeping the price down in order to do this. Last week there were three days in a row where the last trade during closing auction was for 1 share traded. This is the instos utilising their bots to ensure the share closes low in order to allow them to accumulate over the subsequent days.



This 1 share phenomenon has not occurred yet this week which means that the share price can freely move upwards without the manipulation of the instos.


The next few weeks should be interesting.