look how extreme the divergence was last week and the stock still dropped.. that said,i like how it held the march 6th low of 10.20..i would have a stop just under that low. also,the 50 dma is rolling over, the stock is not showing any signs of strength yet,with the exception of holding that 10.20 low i just mentioned..
It was the 10.20 support that caught my eye first, then I noticed the divergence. Not making a buy or sell recommendation but I'll be watching for an entry point if the volume is there.
That's a daily chart. Sorry, I cropped it a bit too much. I wouldn't expect much more than an $11.50 to $12.00 target. MLNM seems eternally rangebound. But a buck's a buck.
Declining volume points to potential seller exhaustion, I think that divergence has a good chance to achieve $11 + IMHO. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1496702>
Nice analysis....agree on all points....markets firms and you can produce a nice move off that bottom. Good risk to reward relationship also.
shake out & now target 1 reached <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1515578>