MCP Follow Up

MCP was posted as a trade idea last Thursday this is what the charts looked like and one of the defining features was the probability that Thursday's move below support was a likely head fake move to knock out stops/weak hands, one of the things we like about these head fake moves is that they typically occur just before the real move launches, there's more on that in the follow up post on Thursday with charts... 

The break of support at the yellow arrow or head fake move mentioned Thursday.

MCP just made a pretty volatile move, but from the charts I posted and the position I was looking at Thursday, this is hardly the move I'm looking for, but it is a good sign.

The white arrow is where MCP was featured, the box where there was some upside volatility this morning.

You can see the charts I liked in the post linked above or right here...  Nothing has changed there so no need to report them, but they are also much bigger than just the quick move this morning, I wouldn't enter a trade like this if this is all I was looking for.

However there are two charts that tell me it's time to keep a closer eye on MCP for a move to the upside.

 The 5 min chart looks like it was bought heavily as price slid a bit and right before this morning's run.

The next timeframe at 10 mins has the same feature and a leading positive divergence now, it looks like it wants to run again, I'm looking for a longer, more sustained move, this may have been a trial balloon.