(Asx: M7T) | Mach7 Technologies Limited
Analysis requested by Nicholas Chee (member of BGS Strategy for Share Traders Group)
*Note that we do not hold this stock*
Sentiment: Bullish ⬆️
Key elements used in this analysis:
1) M7T has been bullish since April.
2) Multiple Higher lows and Higher highs, enforcing that sp is trading into bullish trend.
3) Descendent volume when sp is trading down, ascendent volume when sp trading up, also confirms bullish trend.
4) Strong $1 support has been established with multiples unsuccessfully attempts of braking in June, July and August until sp gone through finding higher highs in 31st of August. This trend confirms strong resistance turned into support, therefore making $1 a safe entry.
5) Director has increased holdings once the stock has came above $1, which makes it very interesting.
We would be buying it at $1 to 1.05 and setting up a order to sell at $1.20 to 1.29.
Target 20% using BGS 20 STRATEGY.
Lead time: 15 days to 2 months.
Note that we haven’t gone through fundamentals of the company, however short term trades disregards fundamentals.
Hope that helps, please put on comments the reason you believe this is a good entry.
Disclaimer:Note that although we have been investing in the Australian Stock Exchange and other markets over 10 years, even through this is a VIP HUB anything you read within this group is NOT financial advise; it is general information only and we strong recommend to consult a financial advisor before making any investment decision that could have significative impact on your wealth*