After drifting lower for the 5 weeks prior to this week, MVP rose strongly (7.8%) this week to make a new low which suggests a potential uptrend line (black dashed line on chart). Price needs to move above $7.30 to achieve 12 weeks higher and validate the uptrend. Price needs to close above $7.00 to confirm a target of $7.88 remains in place.

MVP 15Jan2021

27 November 2020

Since the post below MVP did what was hoped and bounce up of the lower boundary of the large price channel. It rose to break above a downtrend and while it is yet to confirm a new uptrend it is making higher trough and peaks on the weekly chart. It broke above a weak resistance level which suggested a short-term target of $6.98 and price is nearing this level. MVP may turn into a medium term hold. It also goes to prove when a trade goes wrong sticking with your analysis can be the right course of action. Of course if your analysis is wrong .........

MVP 27Nov20

 

 

9 October 2020

MVP has been one of my failures and should have been sold long ago. I kept seeing reasons why the price would turn, but it never did. With a long-term support line below (bottom of the shaded price channel) that has held for 6 years I decided that rather than crystalise a loss I'd hold and hope price rose from support to recover my losses (this isn't a trading plan I suggest supporting by the way). Price has stopped at support so we'll need to wait and see what eventuates.

MVP 9Oct2020

5 August 2020

While price fell exactly to where my analysis of a couple of weeks ago said it should, MVP need to show a few more green days for me to agree that the bottom is in. A price break above $8.43 and some consistent higher highs and lows are needed for me to see this as a good buy rather than a gamble. Only the 'knife catchers' trying to bottom pick would buy now as 2 green daily bars doesn't make a recovery. On the daily chart (below), today's candle was a doji suggesting there is still a lot of indecision in the market (and that prices might fall tomorrow). That said I hope the bottom is in.

MVP

MVP daily

Contact

Robert Norman

Phone: 0428 346 951
Email: robert@sharecharting.com.au

Sorry, this website uses features that your browser doesn’t support. Upgrade to a newer version of Firefox, Chrome, Safari, or Edge and you’ll be all set.