MAY - Mayne Group

[jlbrad]

MAY - Mayne any thoughts?!?!?

Hi all!

thought i would first of all introduce myself and am very new to technical analysis so i am just paper trading for now trying to develop a long term strategy for approx the next 6 or so years to help buy a house as i am only 20 so i guess i am just getting used to the program and after reading a few posts i thought i may aswell start somewhere so i ran a a filter which brought up mayne the long term trend suggests a 3 yr bull to bear cycle any comments my thinking suggests that mayne is on its way up???? any criticism would appreciated!

cheers!

 

[tdkx669]

Mayne Group Ready for new high?

Hi,
I am little confuse about mayne (MAY) price movement.Technically it looks that stock is ready for new high but its consolidate in same price range for while.Any one got any idea for this stock
Regards
Ankur

 

[The Barbarian Investor]

Re: Mayne Group Ready for new high?

Here's Maynes Chart

 

[GreatPig]

Re: Mayne Group Ready for new high?

For what it's worth, here's my chart of Mayne. The important thing at this point in my opinion is whether the price drops significantly through the trend line or stays above it. Only time will tell.

Cheers,
GP

 

[tech/a]

Re: Mayne Group Ready for new high?

Another veiw.

 

[baglimit]

Re: Mayne Group Ready for new high?

one thing to remember re:MAY is that it is highly dependant on USD/AUD exchange rates due to high USD earnings - same fall happened last time AUD went up. sure has been a nice recovery from the lows of early 2003, but what hasnt.

 

[RichKid]

Re: Mayne Group Ready for new high?

one thing to remember re:MAY is that it is highly dependant on USD/AUD exchange rates due to high USD earnings - same fall happened last time AUD went up. sure has been a nice recovery from the lows of early 2003, but what hasnt.

Considering that the AUD is commencing another run, at least in the short term, and with MAY's technicals suggesting a top perhaps time to short it this time? Or will it break through resistance to new highs? $5 appears to be an optimistic valuation going by broker views I've seen over the last few months.

I shorted this once during the downtrend but lost money as it was just before that annct about splitting up the business. Now it appears to have formed a double top (filled gap (reconstruction?) made some years ago but couldn't go higher) and I figure from the last few closes that it may drop further and range until the report and asset sale details are finalised next year- or is it sooner? Basically I don't see any reason for more upside, the price has hit resistance twice and is slowly declining again. In terms of double tops my understanding is that the closer the two highs are in price and the further apart the tops the more reliable the pattern, as it appears to be in this case. The nearness of the resistance also makes it easier to set a tight stop if going short.

Here are the charts.

 

[ob1kenobi]

Re: MAY Mayne Group Ready for new high?

The problem with Mayne and its charts is one of perspective. The YTD Chart suggests a steady climb back to a respectable level. The 1 Year Chart suggests a rapid improvement with signs of things potentially getting even better. The 5 Year Chart on the other hand, shows Mayne pretty much taking a dive and trading sideways ever since. The Charts all agree that $5-00 is the resistance level. The support level on the YTD and 1 Year Chart is around $4-50. On the 5 Year Chart its lowest support was just under $3-00. I wouldn't be rushing to buy this. I think I would let time be my friend here. I have done a composite that gives the 5 Year Chart + volume, the 1 Year Chart + volume and the YTD Chart + volume.

 

[RichKid]

Re: MAY Mayne Group Ready for new high?

The problem with Mayne and its charts is one of perspective. ...........The support level on the YTD and 1 Year Chart is around $4-50. On the 5 Year Chart its lowest support was just under $3-00. I wouldn't be rushing to buy this. I think I would let time be my friend here. I have done a composite that gives the 5 Year Chart + volume, the 1 Year Chart + volume and the YTD Chart + volume.

Great charts Obe, puts it in perspective alright having all three there. Agree that it is safe to say 4.50 is the next support level and with the recent fall away from $5 I'd say this is a safer short than most, especially with strong resistance so close at $5. I've noted that every sharp run has resulted in at least a partial pullback, another reason to target 4.50 now that prices are declining.

 

[ob1kenobi]

Re: MAY Mayne Group Ready for new high?

Great charts Obe, puts it in perspective alright having all three there. Agree that it is safe to say 4.50 is the next support level and with the recent fall away from $5 I'd say this is a safer short than most, especially with strong resistance so close at $5. I've noted that every sharp run has resulted in at least a partial pullback, another reason to target 4.50 now that prices are declining. I more bearish though and would keep an eye out for a measured move as calculated for a double top.

Thanks Rich. It took forever to get them to the right size for uploading! I agree with your analysis. $4-50 would be the target. Ecinya in their research suggest buying up to $4-50 and as it has exceeded that, they believe that the share price has been reached (that was at 30 June 2005).

 

[RichKid]

Re: MAY Mayne Group Ready for new high?

Thanks Rich. It took forever to get them to the right size for uploading! I agree with your analysis. $4-50 would be the target. Ecinya in their research suggest buying up to $4-50 and as it has exceeded that, they believe that the share price has been reached (that was at 30 June 2005).

Obe,
Did you try resizing via IrfanView or MS Paint? See this thread for help: https://www.aussiestockforums.com/forums/showthread.php?t=1401&highlight=mspaint

So looks like any surge towards $5 would be a buy trigger to go short. Let's see how it pans out.

 

[dirty digger]

MAY - what do people think?

Was looking at the charts today and would love some people's opinions on what may happen here.

Bollinger bands are closing in and MACD is looking promising but I am no expert.

Thanks

DD