MCP

I've had several questions about MCP today and while the intraday trade was ugly, this one has a lot of volatility and the up and down moves are larger than most are use to-yesterday it was up over 4%, no technical damage whatsoever was done to the base we are interested in as MCP is a slightly longer term trade idea.

Here are the charts in a nutshell

 The range defined almost a week ago hasn't been broken at all, the custom "close within the range" indicator at the bottom is very bullish with closes typically in the top of the range.

 The 30 min chart off the last pullback coming together here.

 And more importantly for today's trade, the 2 min intraday going very positive around 1 p.m. and just kept going.

Even the next timeframe showing the pullback from yesterday shows the positive today.

This is how bases work, people think a stock moving up on volume or without volume is smart money buying, they are much smarter than that, they buy weakness as you can see today and sell in to strength, their positions are much larger and take more time to build, that's one of the most fundamental misunderstandings traders have and that is "part" of the reason why we see head fake moves just before a reversal and or stop runs and limit order runs.