MCP Update

MCP has been more of a patience position on the long side, not to the extreme of UNG or FB, but it does appear to be carving out a small base to move north from.

Here's the update, I still like what I see here.

 MCP's daily chart hasn't seen any damaging moves and has held up well recently in this tight triangle.

 Here's a dip below the triangle, but MCP pulls itself back up and seems to see accumulation in these areas.

The longer term 15 min chart in the base area

 The 3 min trend in the base area

 The 3 min chart showing positive divergences on dips below support.

And the 2 min chart turning up recently, taken with the pinching triangle, I wouldn't be surprised to see a move or breakout soon. There is clear support so a head fake move before a breakout is always possible, but I don't know that MCP is attracting that much attention.