M7T has proved to be a problematic trade. Following the October 1 note below price fell back and closed below a technical uptrend for 2 consecutive weeks. This is a technical sell signal but I kept the trade open as price did not break my stop loss (it fell exactly to it however). Price has moved up again but pulled back a little at the light dashedl ine on the chart at $1.28. This was a target from the Wyckoff Pattern and while other patterns now suggest a target around $1.45 - $1.50 I'll be watching closely as price unfolds this coming week.

M7T 20 November 2020

1 October 2020

Price has continued to climb slowly towards a $1.30 approx. target. A new higher target of $1.40 is now also possible but $1.30 would be my first preference.

25 August 2020

Elliott Wave suggests M7T is on Wave 5 which is a strong rising wave. It looks like the stock has made a Wyckoff Pattern which (using Point & Figure charts) has a target of $1.27. A recent resistance break pattern suggests a target of $1.31 which I see as a natural resistance level (the red horizontal lines on the chart).

For the Elliott Wave aficionados note how close the Wave 3 peak is to the Fibonacci 261.8% extension of Wave 1 – just where theory says it should be found.

Price is in an uptrend making higher lows and highs which is also a positive.

M7T 25Aug2020

Contact

Robert Norman

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

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