As you know MCP is one of the few assets I like as a long term long position, I don't mean as a trade, but as a primary bull market for the specific asset.
There are some short term signals that have been a bit ugly, but they have been contained to intraday charts and it seems they have done nothing more than consolidate MCP over the last several days.
The longer term or stronger charts that show heavier flows of funds, are showing large accumulation making its way back in to MCP which is one of the few stocks that can trade opposite the market as most stocks (at least 2/3rds) will follow the market directionally.
Here are a few charts to give you an idea of what I'm talking about...
MCP 10 min suddenly leading positive in the range
MCP 15 min positive in the same range
You know I like it long term such as this 2 hour chart showing where GS came out with a rating update that knocked MCP down, I suspect GS has been one of the major buyers since it was knocked to the lower end of it's long term base/range.
And the 4 hour chart.
As far as a stop, since this is a core position I'd have a wider stop, but if you keep you losses small you can make multiple entry attempts if need be.
This is the difference between pro and amateur traders, amateurs make one attempt, get stopped out and forget about the stock, pros will make several attempts until they get the position they want, the only secret is in keeping the losses small and I provide this stop with that in mind, not as a core position stop.
I'll let you know if I add to an already pretty full position, it would only depend on 1-3 min intraday charts.
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