Our analysis is based on long term trends, and if they are promissing, short term analysis. First, we view the
3 year weekly charts, followed by a 1 year daily chart. This analysis allows you to view the larger picture and trend,
rather than just looking at a short term prospective. This way, you can use short term volatilty to your advantage, if the
long term trend is positive.
You will see a summery of the stock we are analyzing, followed by the 3 year and 1 year charts. At the end, you will see a technical analysis summery. That's it,
to the point technical stock market analysis daily!
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Technical Analysis for February 10 2006
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| STOCK: MITEC TELECOM (MTM) |
WEBSITE: www.mitectelecom.com |
| CURRENT PRICE: 0.34 |
TREND: ASCENDING TRIANGLE, POSSIBLE BREAK OUT |
| TARGET PRICE: N/A |
RECOMMENDATION: WAIT |
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Long Term Chart (Weekly 3yr) - To view the bigger picture
Charts Courtesy of StockCharts.com
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Short Term Chart (Daily 1yr) - Where to take a position
Charts Courtesy of StockCharts.com
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This Canadian telecom stock has suffered for a long time, and the painful drop has brought this stock down to 90% in value, from the highs on the 3 year chart. On the long term chart, you can see the price moving up in an ascending triangle pattern, with resistance near $0.40, which it has yet to break. The MACD during this rise has neither gone up nor down, and is pretty steady here, whereas the STOCHs are heading lower, so no clear signal is given here at this time. On the daily chart, you can see a magnified view of the situation. Notice the MACD coming to a point where the prior highs aren’t as high, and the lows are following the same pattern. This suggests that the stock may break to either side, up or down, so it is still unclear at this point. The price is also finding some support here near the 50 day moving average, albeit, on low volume.
Bottom line, this stock may be ready to move, just not sure in which direction yet. It may be best to wait until confirmation is made, otherwise its just a gamble.
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