MQG is a chart that I'm struggling with. The stock has been in a large rising price channel since about 2009 and a smaller, steeper, rising channel since the March 2020 Covid crash. It peaked recently at the point both channels coincide before falling back to the lower boundary of the small channel and then bouncing up. Current price is about where a line of best fit through MQG's prices for the past couple of years would be. While there is an argument that price has reached the top of its Wave 5 (my previous view) and should therefore fall significantly, I'm now thinking that point could have been the top of Wave 3 and we may see a slow zig zag sideways decline for Wave 4 before prices again move up to new highs on Wave 5. That said, Elliott Wave is not clear for MQG and my considered opinion is that price will probably resume its saw-tooth consistent rise within the bounds of that larger price channel. Price has closed for 3 weeks below a valid weekly uptrend and this is a sell signal despite price having closed higher for the past 2 weeks. A solid performer but mixed messages at the moment.

MQG 11Feb22

20 August 2021

It's been more than 6 months since I last looked at MQG. After a dip in April price gradually recovered to break and close above the previous high and resistance level of $160. That action has presented a possible target of $175. That would put price close to the confluence of the upper boundaries of the two shaded price channels shown on the chart. MQG remains in a long-term uptrend and recently has been making higher weekly troughs and peaks which are a buy signal.

MQG 20Aug21

 

18 January 2021

MQG (like the XAO) has just shuffled sideways for the past 9 weeks. Price is still expected to break higher and the target of $150 remains intact.

MQG 18Jan21

13 November 2020

Price has moved up strongly over the past few weeks and confirmed a new uptrend while making higher troughs and peaks. This stock has a history of trending well and it seems it might be resuming that trend following the Covid fall in March. Potentially a good long term trendline trade candidate.

MQG 13Nov2020

16 October 2020

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

 

 

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Robert Norman

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

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