MCP Trade / Follow Up

MCP is a current long, even though I don't like chasing assets, MCP's +2.5% gain today is still below the momentum area where it would really be chasing it above the $4.95 area. Friday MCP was put out as a long idea. There was also this update for MCP Friday and this update Thursday and this Trade alert Thursday.

Friday I felt very strongly that the MCP move was a stop-run/head fake move, today we are up 1.25-2.5%. Right now there's a bit of a pullback which I like for an entry.

Here are the charts and expectations near term.

 This probable X-Over daily screen was one aspect, the first pull back after the initial long x-over is to the 10-day (yellow), but we don't have a full long signal, so being there isn't that much space to pullback, MCP holding at the 22-day is fine.

 This is the apparent stop-run move, we see head fake moves just before reversals.

 3C remained very positive on the stop run as you can see.

Even here we have the 4 cycles, to the left stage 2 mark up, then stage 3 top, stage 4 decline which is the pullback which turns in to a stage 1 base with a head fake move just before an upside reversal, the same as you'd see on a long term daily chart's base. This is the fractal nature of cycles in the market.

I believe the stop run hit around the $4.95 area means upside momentum is likely as price crosses back above $4.95, as long as MCP is below, I think it makes for a reasonable entry long.