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Thursday, 12 June 2014

Midas: 12 June 2014, Thursday, 9.22pm Singapore Time

Midas: 12 June 2014, Thursday, 9.22pm Singapore Time
Chart courtesy of Chartnexus.com

All Technical Analysis of Midas are as per illustrated in Daily Chart above.

+ Midas hit 57-58cents Price Satisfaction Zone (PSZ) in January 2013.
From Jan-2013 to Jun-2014:
+ 1.5 years of distribution of the stocks by using good news as carrot (non-stop flow of contracts-clinching announcements)
+ 1.5 years of distribution of the stocks to retail public (traders & investors) on rosy outlook (fundamentals)
+ The non-stop flow of contracts win and rosy fundamental-analysis outlook will not stop the stock from making its big wave down towards multi-year new lows
+ Tentative target: Price Satisfaction Zone (PSZ) of 17cents.
+ Orange region on chart is region where I warned to get out of stocks based on daily FFA previously.
+ Failure to rally on +10.000 FFA is the bear market confirmation for Midas.

Price target of 17 cents represents a -74.2% fall from peak 66cents which is where main major wave down began; price target of 17 cents also represents -61.8% fall from current price point of 45.5 cents.

Donovan Norfolk Technical Rating:
Bearish
With large distribution using good news ending
Long Term Bear Market as per warned way beforehand
(Sell/Short on Rebounds)



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