The inverted hammer on last friday's close can potentially be a reversal signal at the bottom of downtrends, and this was confirmed today, and bounce from $2.4 support has been confirmed. Just 1 pip off all time closing highs. I saw an iceberg order being placed at 2.4, then moved up to 2.5, 2.6, 2.7 and 2.8, so institutional accumulation is still happening.
VRT reports tomorrow, which should have a knock on effect sector wide, if cycle numbers mean revert and VRT meets its NPAT guidance, MVF should easily meet its 25-30% growth target. The main thing the market is looking for is FY2017 guidance, if MVF can issue a ~20% growth target, then the current mcap is more than easily justified.
MVF Price at posting:
$2.48 Sentiment: Buy Disclosure: Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)