MCP is coming out of a bullish descending wedge, rather than breaking out to the upside, these almost always create a lateral base, unlike what Technical traders expect. The volume in MCP is also interesting, that's what first turned us on to UNG.
There are several high volume support areas taken out that provided plenty of supply at cheap prices, an ideal place to accumulate MCP and thus far the price pattern looks exactly like that.
I can't say this is it for the base, but I do think MCP will see some upside from this area, it may come back down and keep building a base, it that's the case, the position added would be sold on any negative divergence suggesting a move back toward base-levels.
MCP 15 min shows large positive divergences in the areas in which support was broke on heavy volume, perfect as it produces supply, cheap prices and cover as someone has to take the other side of the trade, no one suspects accumulation
MCP 2 min recently with a trend that has a leading positive divergence.
Close up of today's intraday 2 min leading positive divergence
That migrated to the 3 min chart with a leading positive divergence
And on to the 5 min chart, also leading positive
The 10 min trend also in a leading positive position.
For me, even though there's no strong head fake move to the downside, this si still worth adding to bring the position up from speculative (50% of normal) to 2/3rds and heading to a full size position.
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