What is Happening to the Share Price of Melbourne IT Ltd?

What does Melbourne IT Ltd do?

Melbourne IT Limited [ASX:MLB] is an online solutions provider, helping businesses establish their online presence and build their social and digital profile. From essential Iinternet components as such as domain name services, hosting and email services, through to do-it-for-me website design.

That’s interesting, but what does the chart look like?

What does the chart look like?

I personally find it helpful to bring up a chart. Here’s the daily chart of MLB updated:

Melbourne IT

Source: STEX

The share price had another big day, rising to a high for the day of $1.90. The chart is telling you the business model is satisfactory at present.

What now for MLB shares?

We could expect positive news to come from this company,; let’s wait and see. Curiously, the last significant news announcement was well over a month ago.

Can you see that the market is ahead of what you are reading in the financial press? If you can’t see that, then you need gain a little charting knowledge. Go here to find out more.

Cheers,

Terence Duffy,

Research Analyst, Cycles, Trends and Forecasts

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Terence Duffy is an analyst and chartist, specialising in researching economic trends and cycles.  His primary focus is housing and land affordability. But you can also depend on him to offer his unique analysis of stock market charts. As Terence will show you, the charts often forecast, well in advance, the good or bad news to come — which he details in Cycles, Trends and Forecasts.


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