Magnis Resources Ltd (ASX:MNS) Headed to 30c
Another multibillion share dog of a stock with a questionable project in Africa.
The company is selling shares at 9c so even 30c will not hold, the only thing this company manages to do consistently is issue new stock at a huge discount and burn that money paying the directors.
Overall, the bias in prices is: Downwards.
Short term: Prices are moving.
Intermediate term: Prices are trending.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 0.75.
The projected upper bound is: 0.71.
The projected lower bound is: 0.19.
The projected closing price is: 0.56.
MAGNIS RES FPO closed down -0.055 at 0.610. Volume was 10% above average (neutral) and Bollinger Bands were 12% wider than normal.
Open High Low Close Volume___
0.660 0.662 0.610 0.610 1,960,870
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 0.70 0.86 0.55
Volatility: 96 86 89
Volume: 1,788,014 1,559,983 1,207,579
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
MAGNIS RES FPO gapped down today (bearish) on normal volume. Possibility of a Runaway Gap which usually signifies a continuation of the trend. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
MAGNIS RES FPO is currently 11.1% above its 200-period moving average and is in an downward trend.
A black body occurred (because prices closed lower than they opened).
During the past 10 bars, there have been 1 white candles and 8 black candles for a net of 7 black candles. During the past 50 bars, there have been 19 white candles and 29 black candles for a net of 10 black candles.
A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend. There have been 3 falling windows in the last 50 candles–this makes the current falling window even more bearish. The two candles preceding the falling window were black, which makes this pattern even more bearish.
Three black candles occurred in the last three days. Although these candles were not big enough to create three black crows, the steady downward pattern is bearish.
Magnis Resources Limited, formerly Uranex Limited, is engaged in prospecting and exploration for graphite on its Nachu Project in Tanzania. The Nachu Project is located near Ruangwa in southeast Tanzania, circa around 220 kilometers from sea port town of Mtwara. The project consists of mineral resource estimate of around 156 metric tons at 5.2% graphite carbon (Cg) at 3% Cg cutoff grade. It consists of around 100 metric tons measured and indicated resources. The Nachu Tenement covers around 199 square kilometers area. The mineral resources are split into five deposits, which include block B, D, F, FSL and J. The Company’s other projects include the Ruangwa tenement, located 35 kilometers north east of Nachu Project; the Mkuju project, which is located in southern Tanzania and comprises six granted licenses plus applications; the Manyoni Uranium project, located in central Tanzania, and the Thatcher Soak project located within Yilgarn Calcrete province of Western Australia.
Latest posts by Shayne Heffernan (see all)
- Auto News: Le Mans 2030 Global Design Competition - October 21, 2016
- Naughty America Takes You To The Beach With Virtual Reality - October 21, 2016
- Trump was Right on Mosul, ISIS Simply Relocated Killed Thousands - October 21, 2016