Sunday, December 09, 2007

MPS Analysis for 12.09.2007

MPS Group

Monthly chart has no buy signal in place. Price is currently below key key moving averages.

Weekly chart shows falling wedge pattern in place. There is also an abc 3 wave pattern contained within the falling wedge. Wave C has 5 waves within it. Price is currently right below key LIS and s/r of $11.60. For the past 6 weeks or so, price has been held in a narrow range just below this key LIS. No clear buy signal in place as of yet.

Daily chart shows the corrective nature of the last move down. Current support at $10.43 seems to be holding for now. IF we get follow through with buying activity, THEN look for .618 fib as first target.

No comments: