MCP Update

If I had time to make a quick long trade in MCP I probably would, I'd prefer a straight long position over leverage/options, but that's me.

Here's how MCP is developing today and since the last update.

 After MCP broke out above some resistance it pulled back and formed a triangle, the fact it broke under the triangle to wipe out any weak hands is not surprising and I think we even covered that before it happened.

I do see positive signals getting stronger here, again more toward the short term, maybe a swing or new leg up, longer term is still not there yet for high probability.

 2 min positive leading today

 3 min also was already in a positive leading position, but added more to it today.

 5 min is really what the trade would be based on, leading to a new positive local high today

 Even the 10 min is leading today

Since the break below the triangle seen on the first chart above, the 60 min is in a strong relative positive divergence so I personally have no problem with a speculative long in MCP here. Watch for a break below local support as seen on the intraday charts above as a head fake move to get the move up started, other than that, it has shaped up well today.