MCP Update

There were a lot of stocks I wanted to get to today, fortunately none were an immediate necessity, but I wanted to cover MCP as I have quietly been following the trading character all week and found it quite interesting.

First the daily chart.

 First we have a range, a break of that range with high volume which is one of the ket elements in a head fake move and we have a rounding bottom price formation with several bullish hammers which mean lower prices were tested and rejected through the day, often seen at accumulation areas, thus their bullish reversal nature.

Intraday I have seen this pattern that looks horrible in the early part of the day with sharp moves down, yet being patient, they recover in to the afternoon/close, this is a character anomaly that has been a fairly consistent pattern. Again you can trade out a rough rounding bottom as well.

The 3C charts in this area are very interesting, for example a 5 min leading positive, which if this is a stop run head fake move, the shares in the area would be accumulated, it's what we look for to confirm a head fake move.

The 15 min chart leading positive in the area...

And a very sharp leading positive on the 30 min chart, all in the same area.

I'm glad I went with a longer expiration on calls and the equity position is still open, this is still a major short squeeze candidate with somewhere around 10-11 days to cover.