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MAYNE PHARMA GROUP LIMITEDMAYNE PHARMA GROUP LIMITEDMAYNE PHARMA GROUP LIMITED

MAYNE PHARMA GROUP LIMITED

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MYX trade ideas

Stage 2 Rally?I'm reading at the moment about the 4 stages stocks go through (ideally you want to buy at the start of a stage 2 rally). The current book is Stan Weinstein's one. Anyways looking at Mayne Pharma, you'll note the trading range until the start of June has been getting tighter. Now it has broken above the trading range and looks set to hold. Not to mention the last few days have seen increasing volume, the MACD has gone positive AND it's broken above it's 200 day EMA. All these are good signs and this might be the start of a new stage 2 rally! As someone else mentioned, the next resistance point is around 99c for those looking for a quick trade, but this one might have further to run over a longer period. The profit warning at the start of the year looked like a potential one off and the current forward p/e looks reasonable. The risk would be another profit warning being issued. So from a fundamental and technical perspective it's looking good. I've dipped my toes in at 83.5c.
ASX:MYXLong
by duncs1981