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 March 8 2006
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| STOCK: MIRANDA GOLD (MAD) |
WEBSITE: www.mirandagold.com |
| CURRENT PRICE: 1.81 |
TREND: SHORT TERM UP, LONG TERM CONFIRMATION REQUIRED |
| TARGET PRICE: N/A |
RECOMMENDATION: SPECULATIVE BUY |
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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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Miranda Gold, a Canadian Company listed on the TSX Venture Exchange has an impressive long term chart as seen in the first chart above. The chart recently broke out of its ascending channel to reach the high of $2.20. Recently, the price went through a consolidation phase, with a close well off of its low of about $1.50. This healthy pull back was an opportunity to enter the stock, but things may still up trend from here. Taking a look at the indicators on the chart, you can see the MACD heading down, but it may be done going south, and if this is the case, things are looking fairly bright (but confirmation is still required for this to occur). The money flows also indicate an influx of cash into this stock, which essentially propelled it to current levels. It would be nice to see an increase in cash flows over time, so this should also be monitored. Taking a look at the second chart, the daily chart for the past year, you can see a few interesting points of reference. First of all, the price is currently at its 50 day average, after a brief period below it, and it should hold onto this support line if things are to remain positive. Secondly, note the support level just under $1.50, which the stock bounced off of twice. The main positive on this chart is the MACD, which seems to be treading higher here from oversold levels caused by the consolidation phase.
Overall, things look good here on the short term charts, but the long term needs to be monitored for confirmation. If it continues its up trend, a break above $2.20 could be massive.
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