The long wait for Manila Mining's (MA) run could finally be over. MA went up by 0.0050 points or 9.62% to close at P0.057 and reach a new high. MA has already broken out from its triangle formed in the past two months and has breached its uptrend resistance as shown in the chart below.
Now that MA is already in an uncharted territory, anything is possible. LC and PWR were phenomenal after making new highs with LC roughly doubled in just two months while PWR nearing 600% gain in just a week! With no resistances to stop MA, it could follow LC and PWR's footsteps and could be the next wonder worker in the days or weeks to come.
Fundamentally, gold continues to do very well internationally which puts the ball back into the mining sector. Gold went up by 2.90 points in the global market despite of the heavy selling that sent the stocks down to a new low for July. Dow Jones Index (DJI), S&P 500, and Nasdaq all went down while gold and oil remained positive.
The positive sentiment towards the oil and mining sector could push MA (and other stocks in the sector) up. A little caution must be exercised though as MA's RSI is indicating that it is already a little overbought and correction or selling might just be around the corner.
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