Technical outlook – Technically, the bearish make-up all began last month in February with the uptrend emanating from December 2019 formed a “Rising Wedge”.
The rising wedge is a popular reversal pattern that can often give traders a clue to the direction and distance of the next price move.
A rising wedge is generally considered bearish and is usually found in up and downtrends.
Rising wedges put in a series of higher tops and higher bottoms, or as prices begin wide at the bottom and contracts as prices move higher and the trading range narrows.
A rising wedge also marks the exhaustion of the buying trend.
As (MVP) current pattern slowly explores the downside region of $8.00, now views a potential cap from $9.00 and therefore, potentially, supports a challenge towards the bullish foundations seen from $7.50. Reassess from there.
Company Overview – Medical Developments International Limited (MVP) is an Australia-based healthcare company. MVP offers a range of open and closed-circuit anaesthetic machines to the veterinary market, which is known as Komesaroff anaesthetic machines.
With an industry-leading range of products in the areas of pain management, asthma and resuscitation, plus veterinary equipment.
Company has established a network of manufacturers and distributors to ensure both quality assurance and supply chain solutions are maintained for servicing and delivering to both the local and international sectors.