Wednesday, September 26, 2012

MCP Up 4+%

Although I can't rule out MCP building a larger base, I am inclined to think it has at least a decent swing move in it.

 MCP daily chart looks like capitulation at the red arrow, support formed and there was a break below support at the yellow area that created a lot of supply, you'll see that was accumulated in the next chart.

 Here's the break below support at the yellow area with a 30 min leading positive divergence as the volume/supply created was accumulated, then we have a pullback signal at the red arrow.

 Since however, the 3 min chart is leading positive as it seems MCP is accumulated at lower prices.

That divergence migrated to the longer and more important 5 min chart where it saw another positive divergence on today's intraday low.

So far so good for MCP.

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