Friday, March 27, 2009
Special Request Chart Analysis - QMLM.OB
Looking at the chart of QMLM - Quest Minerals & Mining, Ltd. based on a weekly outlook the stock looks as if it might head lower. The stock finished the week at its 5 week moving average, that’s a positive sign there may be more upside in the price of QMLM going forward. Based on the past 4 weeks QMLM made a bottom at $0.00040 coming out of a morning star candle formation. As for now any movement below 0.00050 will be time to get out of the stock, time to sell and cut all loses. In order for QMLM to breakout into higher ground it must break above it 10 week moving average at $0.009. Once that move is completed the last and final step is for QMLM to break through upside resistance at $0.0018. After the stock fell from 0.0018 many investors who are still holding on to their shares waiting for the stock to get back to that price level. Once QMLN gets to $0.0018 a battle will take place between bulls and bears or the buyers and the sellers. The winner either takes the price of the stock up or down. If the bulls win the stock will move higher, if the bears win the stock will move lower. Next week this will be an over the counter penny stock to keep your eyes on as commodities start to build and move higher into the summer. QMLM ended the week trading at $0.00060 down 0.00020 or -25% on 158 million downside trading volume.
Chart analysis by: Marlin Rolle