I’ve just been looking back at the MMX daily and weekly chart from the past few years and it shows some interesting details.. We now have a “triple bottom” in place from the 3 distinct lows made on Oct 23 (48.5c), Nov 24 ( 48c), and January 28 ( 49c) . In case you’re wondering, Charts with double or triple bottoms , or tops, have high probability of reversing from that level… ie. These are Trend changing locations that create new bases or tops.
So hopefully 49c is looking good for a base now.
Last year as the markets caved in we gapped down on 3 occasions Aug 13th from 2.65 to 2.55, Sept 15th 1.93 to 1.89 and Sept 16th 1.67 to 1.60, none of these gaps have been filled by a higher price since they were made.
Gaps have an uncanny knack to almost always come back and get filled in on the chart… so when a rally begins to take off keep these gap levels in mind.
Retracement levels; from the high in 2007 (6.24) to the low of 0.48 in Nov, three key Fibbonacci/ Elliot wave levels are 38.2% 2.68, 50% 3.35 and 61.8% 4.03
And using the 2008 high of 4.90 to the low of 0.48 the key retracements are 38.2% 2.17, 50% 2.69, 61.8% 3.21
Very nice how that 2.68 level shows up as a key retracement for both ranges, and it matches almost exactly the level of the first big gap that needs to filled…this area will act as a magnet in due course.
RSI and DMI indicators are turning up now which is mildly bullish…we just need more good news to push this back through $1 and then head for the higher targets mentioned.
Sorry to bore you if you are not into Tech analysis, but hey its showing some very good signs!
MMX Price at posting:
56.0¢ Sentiment: Buy Disclosure: Held
