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

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