MCP Looks Interesting

I'm considering this for a speculative long trade, I'm just not 100% sure where it's headed so I can't decide whether I would prefer maybe September Calls or a straight long, either way, it is a speculative trade for me, I wouldn't be swinging at the fences, but something seems to be going on. Whether this is starting to build a bigger base or whether it is nearly done for a gap fill type move, that's the question and which tool is correct for the job.

 On a daily chart Thursday's gap down and large volume looks like some type of capitulation, whether short term or longer (I'd guess sub-intermediate to maybe intermediate, but probably not primary trend) it's difficult to say. Often capitulation gaps are followed by a draft lower before a new stage 1 base forms, but there is some interesting activity under way now.

 The 1 min chart since Friday is leading positive.

 We look for migration of the divergence through the longer timeframes, here's he 2 min leading positive.

 The 3 min leading positive

A closer look at the 3 min chart

  The 5 min leading positive...

 The 10 min (this is pretty far migration so quickly) is leading now.

And even the 15 min. That's a lot of migration that fast, that's why it seems something more immediate is in the making.

I'm going to think about this one for a little bit and see if anything else develops.