I follow charts a little bit and overhead gaps to fill are at 30 cents, 44 cents, 94.5 cents and $1.075.Providing we get a continuous flow of good news the gaps may well be filled. Short term if we get some bad news the gap below at 23.2 cents may be filled. I am hoping the worm turns and we get a run of good news. Short term resistance around 30 cents, followed by fairly strong resistance around 37.5 cents, then 46 cents etc. Good news flow will see these passed. Last time I looked at analyst estimates the average target was $1.11. But analysts targets are often set by Fortune Tellers who earn a bit extra working part time for brokers. Last time I looked at Shortman around 5% were shorts. Certainly the odds are likely in favour of an entrant with a medium/long term outlook at these prices over a Short entrant compared to when the SP was a $1 plus. Just like longs get complacent and greedy when the SP is flying so do shorts when its being smashed.
MLX Price at posting:
27.5¢ Sentiment: Buy Disclosure: Held
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