$MITC Giving off Bullish Momentum Signals After Downtrend YTD
We've seen some intersting price movement in MITC over the past several weeks that may tentatively suggest its breaking out of a months-long bear trend for a positive reversal. Here's some bullish momentum indicators I'm pulling from the chart:
1) The MACD histogram and signal lines dipped negative February 14th and remained so through March 9th. Over this four-week period, MITC share price dipped by nearly 30% from $5.80 to a local low of $4.35. However, since March 9th all MACD-associated variables (differential of signal lines, histogram orientation, etc) have been emiting strong BUY signals. Share price has bounced as well for a nearly 15% rebound over the past two weeks.
2) RSI has followed a similar trend as that displayed by the MACD; over the course of the Feb 9th-March 14th beartrend, RSI was <50 and thus MITC share price slightly undervalued. On March 17th, RSI jumped nearly 20 points from ~40 to ~60, indicative of a bullish momentum reversal.
3) Since March 17th, MITC has been trading above its 10 day MA which is a classic bullish signal.
Markets just opened and I'm seeing that MITC is slightly green with +0.2%, looks like investors are waiting for some stronger signals from the market as a whole to guide this week's trades. Its been a highly volatile and bearish ride for NASDAQ YTD. I'm confident that as we see a broader recovery in the market as a whole, MITC will likely track upwards in tandem with NASDAQ, SPY, etc. Good luck out there this week. and this is not to be taken as financial advice.
1) The MACD histogram and signal lines dipped negative February 14th and remained so through March 9th. Over this four-week period, MITC share price dipped by nearly 30% from $5.80 to a local low of $4.35. However, since March 9th all MACD-associated variables (differential of signal lines, histogram orientation, etc) have been emiting strong BUY signals. Share price has bounced as well for a nearly 15% rebound over the past two weeks.
2) RSI has followed a similar trend as that displayed by the MACD; over the course of the Feb 9th-March 14th beartrend, RSI was <50 and thus MITC share price slightly undervalued. On March 17th, RSI jumped nearly 20 points from ~40 to ~60, indicative of a bullish momentum reversal.
3) Since March 17th, MITC has been trading above its 10 day MA which is a classic bullish signal.
Markets just opened and I'm seeing that MITC is slightly green with +0.2%, looks like investors are waiting for some stronger signals from the market as a whole to guide this week's trades. Its been a highly volatile and bearish ride for NASDAQ YTD. I'm confident that as we see a broader recovery in the market as a whole, MITC will likely track upwards in tandem with NASDAQ, SPY, etc. Good luck out there this week. and this is not to be taken as financial advice.
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