MXR has been on a steady downtrend since July this year, and has not really shown any signs of recovery - until the last week.
The chart shows a flag trade for the short term trader.
There are a few things of note in the chart. Firstly, the rapid rise of the price after a stable downtrend. Secondly, a steady retracement of the price that fits into an angled channel or flag. And as of yesterday, a close above the top flag line. This is the buy signal.
To add some confidence to this trade, there is a crossover of the 10 and 30 day EMA's, and the turning of the long term GMMA.
Also, the short term downtrend line has been broken
For a longer term uptrend to be confirmed, a compression and re-expansion of the blue long term GMMA's is needed. However, MXR provides a good opportunity for a short term trade over the next 2 weeks. Sell out on weakness.
Note: This trade is not for everyone - only aggressive short term traders should consider a buy on Monday. More conservative longer term traders should wait for more signals to emerge.
upward potential
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 (20min delay)
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Last
3.5¢ |
Change
0.002(6.06%) |
Mkt cap ! $14.12M | |||
| Open | High | Low | Value | Volume |
| 3.3¢ | 3.5¢ | 3.3¢ | $61.81K | 1.808M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1000000 | 3.4¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 3.5¢ | 194861 | 1 |
View Market Depth
| Last trade - 12.36pm 13/09/2024 (20 minute delay) ? |
| MXR (ASX) Chart |