MKG 4.76% 10.0¢ mako gold limited

Mako technical setup

  1. 3,209 Posts.
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    Have taken a starter position here and will look to continue to add on the right signals.

    A quick snap shot of the fundaments at play for Mako before having a look at the charts -

    Drilling underway with results pending. Cash of $12mil with a $10mil raised in early October at current prices now giving the company and enterprise value of $15mil (market cap of $23mil).

    Risk v reward based on the current EV leading into drill results is without doubt positive!

    Blue Ocean research with a price target of 28c - 35c - https://www.makogold.com.au/uploads...ako_gold_initiation_-_blue_ocean_equities.pdf

    Noosa mining conference presentation replay can be found here - https://www.noosaminingconference.com.au/company-descriptions

    Having a look at the technical setup at play, i might be a little early in taking an initial position, but i like what iam seeing here;

    Daily - short term
    The 11.5c neckline continues to see resistance and a close above this mark will likely see next move higher begin to unfold. Looking for an initial move back to 15c before previous highs at 17c are tested.

    We will likely see the 15 day MA (red line) move back through the 30 day MA (blue line) before the end of the week and start to close in on the price to create sum pressure at the 11.5c neckline. MACD trending nicely up through the 0 control line can often see a further extension of the current move. RSI and stochastics both trending nicely higher towards over bought levels, with room to move.

    Until the 11.5c mark is cleared I think it will continue to prove good buying in the 11.5c - 10.5c range, otherwise wait for the break and swing in.
    mkgd.jpg

    Weekly - medium term setup
    The weekly setup is quite interesting with the 15w + 30w MA's converging at the 11c mark. One of two things will play out this week, either the price action pivots of this point and makes a run at the topside bollinger band (13.5c+) or the price action fails this point and breaks below 10c (gold price further collapsing or specific news driven event?)

    MACD has been trending lower, all be it above the 0 control line and if we see the price action pivot and move to the topside bollinger band, this will likely see MACD turn back to cross positive. RSI consolidating in no mans land, with stochastics in over sold territory looking to move on out. I might be a couple of days early with a position here, but i get the feeling that this week is make or break for MKG.

    mkgw.jpg
 
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Last
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Change
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Mkt cap ! $27.01M
Open High Low Value Volume
11.0¢ 11.0¢ 10.0¢ $108.6K 1.041M

Buyers (Bids)

No. Vol. Price($)
2 111474 9.8¢
 

Sellers (Offers)

Price($) Vol. No.
10.0¢ 10451 1
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Last trade - 12.52pm 19/05/2021 (20 minute delay) ?
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Last
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  Change
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Last updated 13.44pm 19/05/2021 (live) ?
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