MCP Update +15%

I'm glad to see MCP took out the $1.00 level as well as former intraday highs. There's still a problem on the 5 min chart that is "suspicious" right now, not necessarily an imminent threat because there's very little confirmation for the chart, but it is there and needs to be watched.

Ideally I'd like to see MCP close toward the upper end of its range today, near a +15% or greater gain, what we don't want to see is a close in the middle of the range around the $1.00 area as volume looks to be on track to be heavier than yesterday which is good if we get the close high in the range, if we get a close in the middle or lower, that's indicative of churning and that 5 min chart will start to make more sense. I've also updated stop levels for those who are using the Trend Channel for stops.

 The Daily chart with the next resistance zone coming up and it's a heavy one, a breakout above this area and MCP is golden.

Note the volume trend and today we are on track for a new high in volume for this leg, that's why the closing position is so important.

 Intraday charts are in line and confirming price action as they have been.

Another intraday chart, but like yesterday and the day before...

 The 5 min chart made perfect sense, a negative (small) for a pullback/consolidation, a positive on the pullback, but after heading higher, another negative in to higher prices which doesn't fit the overall charts, but is still there and this chart has been right 2 of 3 times so far with the 3rd time not yet resolved so it is a bit of a concern.

 The longer term charts like 30 min have large positives. At the white box to the right, I show the concept of price surpassing the first area in which a 3C positive divegrence was spotted, broadly speaking, that means you "could" buy an asset like MCP at the site of a first serious divergence and even with additional draw-down and accumulation with a lower average cost, price will almost always surpass the level at which the first divergence was seen so if you bought that early/high, you'd still be likely to make money, this works on the downside as well.

 As for the Daily Trend Channel Stop, it has locked in additional gains from $.60 yesterday to at least $.70 now  and likely more before it would be broken with an approximate +145% gain off the lows.

The 60 min Trend Channel that has tracked the rally moves has locked in gains as well from about $.80 yesterday to $.93 right now and rising for about +230% off the lows.

If you need updated Trend Channel stops, just let me know.

I still believe the longer term charts reflect a lot of gas in the tank, but that 5 min chart is bothersome, just not bothersome enough to take any action unless a Trend Channel is broken.