MMTC - Weekly Chart Analysis
Stock break out of 6 month base. You can see the IV footprints (probable accumulation) in the daily chart. Where volumes started coming in from May 2023. Same is visible on the weekly charts too. Volume contraction while basing and then the rise in volumes.
On a daily chart its trading above all its key moving averages and on a weekly it has almost confirmed too. I would like it if it consolidates here for a while and form a small base and then continue its journey further.
64-71 would act as a hinderance for now until the overhead supply is absorbed. Its basing for the past 3 weeks in 22% range on low volumes.
55 shall now act as support while main support is the base break zone 41-44. A weekly close below this shall invalid our whole view.
Its the ideal place to initiate a low risk entry (pilot entry) and pyramiding up if it goes with the trend.
Next levels it can test is the small resistance zone 130-145 in near future. While 290-360 is the main supply zone for long term .
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.
On a daily chart its trading above all its key moving averages and on a weekly it has almost confirmed too. I would like it if it consolidates here for a while and form a small base and then continue its journey further.
64-71 would act as a hinderance for now until the overhead supply is absorbed. Its basing for the past 3 weeks in 22% range on low volumes.
55 shall now act as support while main support is the base break zone 41-44. A weekly close below this shall invalid our whole view.
Its the ideal place to initiate a low risk entry (pilot entry) and pyramiding up if it goes with the trend.
Next levels it can test is the small resistance zone 130-145 in near future. While 290-360 is the main supply zone for long term .
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.
כתב ויתור
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