OTCPK:MEAOD - Post by User
Post by
Watchitgoon Jul 12, 2016 12:48pm
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Post# 25044853
Technical Analysis
Technical Analysishttps://screencast.com/t/fANfRnnU0k If I draw a line of best fit on a 1 year, daily chart of MTO, it is possible June 30th was a "breakout" since it corresponded with a spike in volume. We have had a gentle pullback on low volume back to this breakout line which appears to now be acting as support. Three things could possibly get MTO moving in the short term. 1. Good news on drill results (very possible since MTO is currently running an aggressive drill program). 2. A positive 4th quarter report (from history, it looks like they are slow to put out their numbers so less likely in the very near term but maybe in 1-2 months). 3. POG goes up dramatically in the short term (we are having a good and healthy down day today - setting up for more gains in the future but probably not in the very immediate time horizon). The MTO chart looks quite nice to me here but it is just a tool to be used in conjunction with all of the other available information. I think it is likely they could find some decent grades during their drill campaign and that could act as the catalyst needed to get the share price moving. My target is around 14-15 cents CDN within the next 4 to 8 weeks. There is significant resistance to overcome at that point which may require some time (a few months maybe?) to work through. Just my free and amateur analysis - take it for what it is worth :)