MNS - Magnis Resources Limited TA & Charting Thread only
So let's try to have an ongoing TA discussion on, as the heading says, TA and charting of MNS in particular! I would suggest for everything else on MNS, there are the other MNS forums!
TA should be based on TL, chart or CS patterns, Fibonacci tools, Elliott Wave or what ever TA is commonly based on. To be sure you are within the rules of this thread means, that you are able to find an explanation of the tool, the chart or CS pattern, the indicator or oscillator somewhere on the internet. This is simply to make sure that anyone taking part in the discussion, would be able to either ask for a link or find it easily anyway, in order to do further research on what is/was used during the discussion. The use of wording/names should have the same or very similar meaning to what is used in any definition found on the net. Taking part in the discussion is not a competition, chart interpretations are just that, interpretations of what a member is seeing on his/her chart.
Personally I would suggest to post links to charts as a minimum and time permitting possibly a chart also within the thread itself for a quicker reference.
I will start of the thread with a chart that shows so far 4 possible options on how I see MNS move from here depending on developments and possible announcements, which seem to be expected. Here is the daily chart: http://invst.ly/2-9hg
Aft 20 Jan, trump inauguration
Where are you with your overall wave count?
So far I have 2 x 5 waves with the 1.12 high being 5 of the second impulse wave of 5.
That for me explains the massive correction (wave 4 down) before wave another 5 wave impulse wave can start.
here is the weekly chart: http://invst.ly/2-a8d
Please let me know what you think and or where you are!
Doji standing for indecision confirmed by still lower than average volume.
With that the bearish flag (red)is still in tacked right at the support/resistance line.
The flag seems to be running out of room to move, so my guess is it will either break or possibly morph into a different shape as indicated (dotted red line) on the chart
Meanwhile the "Death Cross" has happened, meaning the 200 SMA 9 (red) has cross above the 50 SMA (green), which could be a bad sign! here is the current daily chart: http://invst.ly/2-ahk
Time will tell!
I just had a little play with a possible WW and so I am wondering if the little yellow circle could be hit on Monday January 9th. There are only 1 1/2 trading days left in 2016 and in case there is no major announcement still happening some investors may pull the plug in disappointment!
But hey, as I said, just a little play with a weird idea, but here is the chart for it anyway!
Love your triangle whrispers, from your charting I would have to say you think the price of mns is going down and then rise back up. Good trading stock
Yes, I have been talking about the falling wedge for a while now. If I'm not mistaken ever since turned at 51c, because that was the end of a normal ABC correction, which I had in mind up until then and SP should have reached 43.5c, but such is life and the market. Today really wasn't any helpful, because all it demonstrated was that the market/traders/investors were undecided about the direction. In other words, some got in because of the expected ann and some got out because the announcement doesn't seem to come! What we had for the last few days is more of the same - indecision and it usually forms these flags. Bearish rising flags on the way down and bullish falling flags on the way up! Good thing though there are rules on how to arrive at a theoretical target once they break out and that's exactly what I'm/we're waiting for. Experience tells me what to expect in there cases, but one can never be 100% sure.
Obviously not a lot has changed in the daily chart other than that there is still indecision in the market, however today's CS is located lower and with that closer to the potential breakout line and that this happened with even less volume, but more shares got sold than bought. For a change I included the momentum indicator and left all indicators at their default values. So even going with those settings, the picture for MNS doesn't look bullish and so I'm still expecting the breakout to the south! Daily chart: http://invst.ly/2-h3lTh
It was interesting to watch the props showing up in the market depth, in order to force potential buyers to enter at higher prices, of which in the last few days most disappeared when SP action got close.
At this stage, I still can't see an announcement popping out, but I guess we will see what's going to happen tomorrow!
If I'm not mistaken tomorrow is the last trading day for 2016 and it is going to be an early close at that! So it is going to be the last opportunity for the so eagerly expected major announcement and at the same time IMHO the last opportunity to sell into market depth. So might there be a last minute rush for the exit doors? Well we don't know, but I will watch!
Each to their own! If the ann comes out tomorrow or any time soon, no problem.
However if I'm correct and it won't come any time soon, I guess you know what you need to be prepared for!
So as long as you are right with that, bob's your uncle!
I could keep going by showing you lots more indicators, which would suggest not to invest right now, but in the end you are the one making the decisions, hitting that button!
The shares are flying like a bee, that just stung someone....
25 cents here we come
Today's trading resulted in forming another Doji, meaning the indecision remains. Volume again was very low with 539,135 shares changing hand with gum boots making up 9.27% of total turnover. Anyway with 1.588 million average turnover for MNS, today's number was only about 1/3 of that. Daily chart: http://invst.ly/2-mwr
So the waiting for the major announcement continues into next week, next month, next quarter next year!
However the breakdown, so far hasn't happened either, which I suggest right now is as good a news as it can get for holders. Not so good for traders and potential buyers, but that's the thing with consolidations, as it gives both camps time to think and ...
Even though it was straight forward, here is an updated chart http://invst.ly/3016h for those interested in TA.
Again there was a bit of a fight going on, but I wouldn't really want to call it what I usually would call indecision any longer. After all MNS saw a bit break today, with a red CS below the triangle breakout line, confirmed by increased volume. The red column indicates that there were more sale than buys! So the fight was clearly won by the bears!
MNS did all the right things by backtesting the breakout line at 75.5c, before heading down again.
Not only does today's CS show, that I had the correct idea with MNS breaking south, but my expectations haven't changed either so there could be an increase in selling of MNS stock tomorrow. Other than the breakout, there isn't much to hang my hat on so far, but ...
Some of may have read fuzzywuzzy's on what was and what wasn't in the charts about MNS reaching the 51c low, however you may remember that on the weekend of the 28/29. October there was a bit of an ding dong going on between chartists. Me on one side of the coin and GS and Cabbie on the other. So before the announcement that two directors had resigned, which only came out on Monday 31. October. So was the drop the already in the charts?
Hmm, either that or I had advanced knowledge or it was simply ESP, right? Don't ask me how the other guys got it so wrong, please ask them. The decay really had started earlier and got somewhat accelerated on the day of the AGM, 21. October, because there was nothing really in the pipeline. On 31. October still din't have much to report in the Quarterly Report and mixed in with that you've got the resignation/firing of 2 directors, which were previously just something the company needed/wanted. Beats me, what went wrong?
On 8. November the 3 million unlisted option to directors, were probably seen as a kick in the guts by some, but in any case it created another breakout out of another bearish flag/consolitation/continuation pattern, leading to the 51c low on 9. October when reaching the Fib 100% extension level! As per the attached chart indication that a possible bottom was in, because the Appendix 3B announcement from 11.November issuing another 280,000 shares, wouldn't have been exciting enough to turn MNS around, agreed?
The advance was then well on the way before the next positive announcement finally followed on 16. November talking about "Significant Lithium-ion Battery Developments".
Here the list of announcements FWIW:
Anyway so much for what's in the charts and what is not! Where one can see a leaky ship and how smart chartists can identify some of those leaks is another story! So let's see first what sort of crap I'm going to get from the above!
Not a lot to say on TA today, other than that there is another red CS, this one without much predictive quality and the 200 SMA has again given enough support so that SP was able to pierce it, but didn't close below it! Volume was red again, but lower than yesterday.
I still can't see any sign of a major announcement, so my guess is it won't happen this week at all and the first thing to expect anyway would probably be another Appendix 3B announcement with a lot more of those cheap $0.09533 options being converted to fully paid shares and then sold into the market now or just after the much expected ann, if it finally arrives. The Quarterly Activity report is still some weeks away as well, but I would see that as in depended of any take-off or financing announcement.
So really, there is still lots of time for SP to fall further and with that my interpretation to unfold as outlined previously!
Here is the daily chart: http://invst.ly/308ys