A Moan about MONI

Friday, 30th May 2014 09:01 - by Osakisushi

Monitise (LSE:MONI) was fairly interesting during 2013 but at the point it achieved our upper target levels, I lost interest and, it seems, did clients. When I rejigged the master list of shares I analysis before the markets open, not a single client asked for Monitise!

There are, however, some faint signals the share is about to become interesting again.  For fans of charts and lines, it should be as simple as suggesting if the price exceeds BLUE – currently 70p – the price can be expected to go up.

But my software is a bit particular in this department and really wants the share to either trade intraday above 73p or CLOSE above 69.5p. Only in such an event will it concede growth has commenced to 79p next with secondary, if bettered, at a longer term 91.5p or so.

Fairly obvious from the image is the potential for some sort of issue at around 80p as the price has struggled to exceed this level during 2014. Monitise has form for this sort of nonsense as the line from 40p shows. A glass ceiling was declared at this level in 2011 and it was to take until 2013 before the glass shattered.

What interests me is the little circled gap as this was used to accelerate the share price beyond the bounds of immediate probability. Since then, it has basically messed around but is starting to show signs of needing watched.

As usual, feel free to ask in Premium or drop me a line with a request for my blog.

Good luck with it.

The Writer's views are their own, not a representation of London South East's. No advice is inferred or given. If you require financial advice, please seek an Independent Financial Adviser.