MCP 60 minute
After months of relentless selling, MCP could provide a quick trade to any of these near-term targets on this above-avg. breakout above the 60 minute downtrend line. Those three horizontal lines are the actual resistance levels, best to set your sell limit orders a few cents below your preferred target(s). The entry criteria for this trade will be the NEXT move above the 1.37 level. Prices just broke above the downtrend line as I started typing this post, pulled back to the trendline, and have yet to follow-thru. In order to minimize the chances of going long on a false breakout (such as that 9/15 candlestick wick poking above the trendline), I’d like to see that recent spike high of 1.37 taken out before establishing a long position. A few near-term targets & suggested stop parameters shown on this 60 minute chart.
Note: this is a very aggressive, counter-trend trade. As always, DYODD and trade according to your own risk tolerance & trading style.