Now now, no call for sarcasm ... as it turns out, you are implicitly correct in assuming that there is little to recommend MAN's chart at the moment. The hourly chart is showing a classic bear flag, and I would expect it to get sold off if it gets anyway near the $6-6.25 level tomorrow, if not sooner. Its true that the daily chart drew a hammer in the region of the 50day ema, but it was a big, black hammer that -- by itself -- certainly doesn't imply support .... all hammers need to be confirmed, anyways, by the next day's action.
Quite frankly, I do not like the looks of MAN's chart. IMHO the only thing that will keep us from sub $5 levels is early leaks on the drill results or the results themselves. Technically, the picture is now a wreck and I couldn't recommend it as a speculative buy. The daring will short it tomorrow on any strength, perhaps, tho the closeness of a news release may give them pause.
IMO, some short selling occurred at the moving average on the 15 minute chart today after the opening range was set ... it was just too classic .... and the drop ended when the short players got their 30-50 cents (a good take for a few minutes work). The rest of the day was spent trying to see if another run down could be generated, but it wasn't to be.
If it breaks down more tomorrow, something is definitely known about the drill results, I would think ... otherwise it makes no "fundamental sense." :o)
Kacy |
