M1 after touching the high of 2.31 on 17th May 2017, it had since retreated and being heavily sold down to hit the low of 1.705 on 11th Aug . This is rather bearish!
The price has since recovered and rising higher to close at 1.795 on 15th Sept. It is currently trading in a consolidated zone and may likely move up to retest the recent high of 1.855.
I have not seen company buying back share for so many years and the recent share purchased done by the company on 17,18 and 21st Aug 2017 is deemed as a boost of confidence.
The total quantities of share buying back is as follows:-
1. 3000m share at 1.74-1.78 on 17th Aug.
2. 400500.500 share at 1.77-1.795 on 18th Aug
3. 1599500 share at 1.81-1.82 on 21st Aug
TA wise it is showing some form of positive divergence as can be seen from the MACD rising nicely in a orderly manner. Bollinger Bands is in a very tight condition and may be bursting up any moment.
Short term wise, I think it may likely move up to re-test 1.855. Crossing over 1.855 with ease + good volume that may propel to drive the share price higher to 1.90 with extension to 2.00 and above.
Not a call to buy or sell.
dyodd
( trade base on your own decision)
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