MDMN Daily Chart ~ The Decision to Take Some Off i
Post# of 2561
Posted On: 11/17/2013 5:24:07 PM
MDMN Daily Chart ~ The Decision to Take Some Off in Mid October Was the Right Move
As most are on Deal Watch for MDMN, I can only say again, 'Oh how I wished I had swing traded MDMN over the years instead of just the last few months.' Currently, I am waiting for the next entry point after the high volume distribution of mid October, when the stock topped out. Since then, MDMN has been gradually declining for a month now. The last three trading days saw the MA100 and MA200 offer some support. The FullSto and faster MACD are beginning to level out. The 12 day MACD is still trending down but also at less of an angle. Should the stock break under the MA100/200 support, I would look for the next level of support at the .047 low of Sept. News of a signed mining deal would obviously trump the technicals, so entering MDMN near these levels might be a calculated risk/reward opportunity after sidestepping a decline of almost 30% since mid October. For a technical reversal to the upside, the stock needs to recapture the MA7, 10, 16, 20, and 50, all sitting between .055 to .0584. GLTA
As most are on Deal Watch for MDMN, I can only say again, 'Oh how I wished I had swing traded MDMN over the years instead of just the last few months.' Currently, I am waiting for the next entry point after the high volume distribution of mid October, when the stock topped out. Since then, MDMN has been gradually declining for a month now. The last three trading days saw the MA100 and MA200 offer some support. The FullSto and faster MACD are beginning to level out. The 12 day MACD is still trending down but also at less of an angle. Should the stock break under the MA100/200 support, I would look for the next level of support at the .047 low of Sept. News of a signed mining deal would obviously trump the technicals, so entering MDMN near these levels might be a calculated risk/reward opportunity after sidestepping a decline of almost 30% since mid October. For a technical reversal to the upside, the stock needs to recapture the MA7, 10, 16, 20, and 50, all sitting between .055 to .0584. GLTA
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