MCP Update

It's exceptionally difficult for any stock to escape the gravitational pull of the market, it's really the sentiment pull, but MCP (although not immune) apparently has some true institutional believers and they'll let MCP float with the market because it opens opportunities for them, but on days when the market is up +.75%, I'd say MCP will be up 2% (as an example of relative performance), on days when the market is split with half the averages up and half down by a quarter percent, MCP should be up.

In other words, MCP is one of the few stocks that has legs of its own not based on general market sentiment, but something we're likely not aware of yet.

In any case, here's the update.

 The 1 and 2 min charts are useless, but the 3 min above and 5 min below are quite clear as to the near term trend to expect from MCP.

5 min

The 15 min chart is very clear as to what to expect after this next wave finishes.

And as to how much gas is in the tank, how much support is behind this, this is the daily chart.

 Here's the X-over chart, 60 mins. Normally I'd say the pullback would be to the blue 22-bar, but we're too volatile now and that would leave a gap open around $5.60-ish, I'd expect for that to be filled so you might set some price alerts to remind you as MCP is almost sure to be an add-to or a new long position, I'd prefer equity long, but I think both can be used on the initial reversal.