MTM Chart, page-940

Final consolidation?
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Yes MTM gained 1c to finish at 19.5c. Our volume was decent and more than yesterday, just around 4.6m shares traded. We opened at 18.5, touched high of 20.5 and finished in the middle at 19.5. So a very good day and I am sure those who follow charts/trading patterns will not be complaining.
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ASX REE stocks too had a good day without being spectacular. Of the 26 REE stocks (list in my Weekly Report) that I track, on average across 26 stocks there was a gain of 2%.
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I have been writing that we seem to be in consolidation mode this week. Yesterday I had said we were stronger than previous day. Today we were even stronger. A very strong trading. Usually we do consolidate around a week or so around a particular small range. So is that the final consolidation we saw today? Very possible. I have been saying that most of this week we were consolidating around 18 to 20 mark. Yesterday I had written - It would be good to have a play in 20s again.. Surely we did. To me it looks the end of consolidation in this phase. I feel we are ready for our next leg - play and finish in 20s. Probability is very good for that to happen next week, even on Monday - but markets are volatile so please dyor.
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What didn't happen today from what I wrote yesterday yesterday - I know many may be itching to have a play in 20s and possibly see a finish in 20s too. We got the first one but a finish of 20s eluded us, but by the narrowest of margins.
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From a weekly perspective, we did well. We finished at 17 last week and a finish at 19.5 gives us roughly 15% gain for the week. Before that, we moved from 15.5 to 17 for a 10% gain. So very good two weeks. Lets hope this strong run continues.
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So what will happen next week? Very simple. A finish in the 20s. A SP above 22 for a new 52 week high. And surge towards mid t20s . Will that happen? Lets hope so. Enjoy your weekend and all the best.