MQG is another of the ‘must have’ long term stocks because it just seems to go up forever. After the March Covid fall, price has recovered most of those losses. Price has made a higher trough followed by a higher peak. It is in an uptrend although price has fallen below the uptrend line before rising back to close above a $131 resistance level. That price action suggests a target of $143 which is only 12% above the current price, however, MQG is probably on Elliott Wave 5 (although the abnormal event of the Covid fall has tended to make wave recognition problematic). Assuming we are on a Wave 5 then a new all-time high above $150 is likely.

MQG 16Oct2020

 

 

Contact

Robert Norman

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

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