Here is my view of the short to medium term:
At the top there is a long term down trend which has accelerated twice. The last acceleration I drew the downtrend with a purple dashed line. Also a second peak is forming and I am waiting for a third peak to form to accelerate the down trend even further.
However, at the bottom you are also seeing a long term uptrend that has also accelerated twice. Really, the last accelerated uptrend was broken at $80.50 and we will see the second accelerated uptrend tested and it looks like it will be tested soon. If it does not consolidate then we will see a free fall and the original long term up trend will be tested.
What I like about the chart is that MQG looks like it is trading nicely within a fairly predictable range.
You said you were interested in my long term out look. So I will show you where those long term trend lines originate from.
My view is that if there isn't an uptrend consolidation in the $65-$70 mark then we will see an even greater free fall bringing in the original up trend into play at about the $30 level. I dont think it will come to this, but the technicals are really good as everything appears to be quite predictable and tradeable.
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Last
$232.91 |
Change
0.900(0.39%) |
Mkt cap ! $88.44B |
Open | High | Low | Value | Volume |
$231.34 | $233.50 | $231.01 | $54.33M | 234.9K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
6 | 41 | $232.80 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$232.92 | 22 | 5 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
10 | 60 | 233.100 |
1 | 26 | 233.090 |
1 | 3 | 233.040 |
1 | 37 | 233.020 |
1 | 11 | 233.010 |
Price($) | Vol. | No. |
---|---|---|
233.160 | 20 | 5 |
233.170 | 9 | 2 |
233.180 | 7 | 1 |
233.190 | 7 | 1 |
233.200 | 7 | 1 |
Last trade - 15.18pm 11/10/2024 (20 minute delay) ? |
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MQG (ASX) Chart |