Some Friday’s action that was wouldn’t you agree? I am a shareholder of Mexivada Mining Corp. myself and got contacted by a friend who asked me if I would do a chart of Mexivada and I was of course happy to comply with his request.
Hadn’t he asked me I’d probably had done one myself considering the perfect breakout and trend reversal popping up on Mexivada’s chart.
If you care to take a look at the daily chart you’ll see I’ve put some Fibonacci lines on there. I took extreme care in placing and aligning the Fibonacci lines. The only way I think they could be placed is by aligning the 23.6% line with the bottom at 0.185. That very same bottom which on October the 8th acted as a support as you can see from the chart. From that day on we went back up again.
Sadly, the rally which started October 8 failed to cross the 50.0% line, it however made a high of 0.31 and thus just reached it but from that day on October the 13th the stock was destined to fall back to the support level of 0.185. That low was hit on Thursday and Friday people woke up, realized,…WOW…undervalued, hit low,…MUST BUY!
Anyone wondering what happened Friday. That is what happened. Market realization in full effect!
Looking at the Moving Average Convergence Diagram (MACD) we see a very bullish center line crossover coming on the charts which is very very bullish.
On the daily chart with Friday’s action we have broken above the 10 MA (Moving Average) AND above the 30 MA. There are no better indicators to tell a chartist that this stock is on the move again! Extremely bullish I’d say. I love to do charts like this with all these aligning indicators turning positive and bullish.
So daily looks very very good indeed. On to the weekly.
What does this tell us. Could the positive daily chart turn into a negative by looking at the weekly? Well, in short. NO! Definitely not!
You can clearly see the 0.20 line here acting both as support AND resistance. (also when I say 0.20 I mean somewhere between 0.18 and 0.20) Now we have come to the time where the 0.20 will start acting like support instead of acting like a resistance like it did early 2009.
What can one see more from the weekly. Well, last week could turn out to be the turning point week for Mexivada. After 7 weeks of mostly down trading and mostly red candles at least since last week finally a very distinguishable large blue candle.
Also on the weekly chart is what to me looks like a Rising Three Methods pattern emerging. Now, I know, I use it on the weekly chart and it are not 3 days/3 candles and such….well…one method, two methods or three methods,…either way I look at it…this thing is going up no matter how many methods!
YeOldGoldNugget is bullish on Mexivada.
My further advice, if this ever gets at or below 0.185 again….START BUYING.
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