MHM has been in a very long ascending triangle since the 8th of October.
Previous resistance of 33.5 was the previous support of the initial move above 30 in mid to late October.
This is the third attempt at breaking out of the ascending triangle with failures at 15 December and 14-15 January, with each attempt backed by volume.
The downside threat has always been the gap between 10 and 15 cents from the 2nd of October.
Yesterdays high close after the breakout was once again accompanied by volume and is the first close above and outside the ascending triangle.
I would expect the stock to do a little work from 36.5-38 this morning before attacking the previous high of 45.
Its intersting to note that an attempt to breakout above 40 will be its 3rd attempt also. So it is very possible that volume could see MHM breakout above an ascending triangle with a much higher ceiling.
Would rather not see a GAP at open. If we do I hope its a big one.
IMO DYOR
MHM Price at posting:
36.5¢ Sentiment: Buy Disclosure: Held
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