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MAK again

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Golly what a couple of great sessions, up over 50%.

I did well taking some profits on this around 90c...Nice one kennas.

Well, I never expected this sort of recovery and the markets are sheet house, so right for the times.

I was in Quito and Lima airport last night arguing with customs and didn't get to watch the action. I managed to put in a small order from the departure lounge in Quito (Ecuador wifi craps on Australia) which was filled, and lucky enough not at the day high.

As expected the $1.40 ish level a bit of resistance, and one day hold above $1.40 doesn't mean it's broken imo.

Looks like it was small parcels going through, but could we assume that someone is taking a significant chunk of this the past 2 days? Insto? Maybe.

Anyway, repaired my account somewhat the past 2 days.

I'll look at more if it forms some support and looks to break up, maybe too late to jump in boots and all now.
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Updated 4th-September-2008 at 09:15 AM by kennas (updated chart)



  1. kennas's Avatar
    Added MAK chart to above post.

    I expect some consolidation here.

    Broke out of the bolinger and sold back, hitting the significant resistance at $1.40, overdone on stochastics, off high yesterday by quite a bit, almost looking overbought on RSI, but not yet. Could go up a bit more before it needs a rest. The only thing that looks great is the MACD...

    Couldn't buy more until it consolidates, but I might miss the boat too. I think best to be conservative with any buy and hold investments right now.

    That analysis may be way out too, but I think the heard has run.

  2. kennas's Avatar
    And a likely reversal occuring. If it doesn't hover here and get back over $1.40, down she goes again.
  3. kennas's Avatar
    Possible case here I think is consolidation above some support around the $1.25 level with a descending triangle eventuating, forming up a pole and a pennant. These are very bullish during uptrends but not so much after such a long and dismal slide. So, I will wait and see how this forms up, and look at another entry if the triangle forms and the break up occurs. Until then, the markets are crappo.
  4. kennas's Avatar
    Damn! Lost the initial chart, and it's on my computer back in Peru....

    Have added what I thought was there with the possible pole and pennant, with approximate target depending on where it breaks.
    Updated 4th-September-2008 at 09:18 AM by kennas
  5. kennas's Avatar
    Tested 1.25 yesterday and just held, but I reckon will be smashed today with everything else. If so, I will take out my last investment, till up trend is confirmed.
  6. kennas's Avatar
    Great recovery yesterday, but sold a few into the bounce. Waiting to see if this flag breaks up.


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