Trend - UP

  1. 635 Posts.
    MIM Holdings Limited (MIM)

    Trend - UP
    Aggressive Action - Hold/Buy break above $1.40 with a stop loss
    Conservative Action - Hold/Buy break above $1.40 with a stop loss
    Trend Intensity (scale +9/-9) - Trending up strongly at + 9


    Materials - Metals and Minerals - Diversified
    Resistance at $1.40 holds the key to unlocking a rally towards $1.75/2.00 for MIM.

    Every picture tells a thousand stories and the MIM chart shows clear resistance at $1.30/40 that has turned back each rally over the last two years sending the share price scurrying back meekly to its lows near $0.80.

    "This time however", the stock found solid buying support at $1.15. This level was repeatedly tested earlier this year and now we have established a short term base there. The share price has reacted by rallying and in doing so taking out short term resistance at $1.32 as buyers become more interested as prices rise.

    The trading action has suddenly changed with buyers now supporting the higher price obviously believing $1.40 can be taken out and a further rally can occur. No collapse here to $0.80, as $1.15 stands firm.

    A move above $1.40 initially targets the $1.75/2.00 band which represent the last highs of note and in doing so puts a firm base of support under the price at the break point of $1.40.

    MIM is not there yet but the signs are positive for a real test and battle at $1.40.

    Current Trend Intensity readings rate MIM at a very strong + 9. The trend is up, the price is above a rising moving average ($1.25) and volume is expanding with price rises. Price momentum (MACD) is positively above zero and beginning to expand upwards again.

    All go ahead here for MIM but watch support at $1.15. with similar interest in being shown in fellow miner Hardman Resources which has key resistance at $0.72.

    Monday, July 08, 2002

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