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TOPIC: Morgan Sindall - MGNS

Morgan Sindall - MGNS 19 Feb 2017 12:45 #1

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weekly - mgns.

daily - mgns.

nothing spectacular going here imvho.

a break out above 873p, could see a mid term rally to 1086p.

As you pointed out the bearish rsi div, pretty much gives the bears the opp for a move back to 550/600p area.

This has been in a roughly 30% range sine a bit of a slow burner.....and not for me even if it does break out tbh.....
I think you have it pretty much correct in your notes with this.....

atb, wdik, dyor,
Last Edit: 19 Feb 2017 12:46 by Trendfriend.
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Morgan Sindall - MGNS 16 Feb 2017 21:55 #2

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Potential range play here?

Pretty much shows my thinking on the chart. (I hope).

Price fluttering around some major resistance. Bearish engulfing candle on the daily.

Various levels on the way down. Relatively good correlation between Fibs (Low to high on the range) and previous levels of support and resistance.

Caveat - bullish if it closes and holds above 865/870 level. Otherwise it's looking like a definite range play with multiple levels of profit taking opportunities.

Anyone else have any thoughts?

(Technically it broke above the resistance highs but it closed below each time - bearish divergence on the daily RSI may indicate the move is exhausting?)

PS - It's been a long time since I even opened a chart, so I am no doubt rust, if not completely obsolete!
Last Edit: 16 Feb 2017 21:57 by gclark25.
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