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MIIF: Breakout.

Thursday, September 2, 2010

There was a sudden rush to accumulate units in MIIF today as volume expanded and price touched a high of 56.5c before closing at 55.5c.  The many times tested resistance of 53c could possibly be the new support. This needs confirmation.  In case of a breakdown, the 50dMA would be a crucial MA to watch as it served as support very nicely before pushing the price up.


The MACD which was declining until two sessions ago has turned up, completing a bullish crossover. A rising MFI with higher lows shows rising demand and a rising OBV shows accumulation. None of the momentum oscillators are overbought and we could see price go higher if the volume continues to expand.  We could even see a retest of the 12 months high of 58c.  Good luck to fellow unit holders.

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