MCP Update

As of the writing of this, MCP is up another +33% today in addition to yesterday's +45% move and up 128% since Jan. 22nd.


In this post from Jan 20th, MCP Update,  I posted some of the 3C charts which are a bit difficult in the short timeframes because of the price/volume, this isn't usually the type of stock I'd cover, but wwe've been with it for a while so I've kept up coverage. In the post, there are also charts and examples of what we would be looking for as far as probabilities of a bottom being put in.

In this MCP Update post from Jan. 21st, here's some of what we saw...

"Nothing has changed much in the MCP charts I can see and trust, see the last MCP update from this week, MCP Update.

The same rounding bottom is still there with today's potential capitulation move....

 A positive reversal candle on this volume is a significant change for MCP, especially considering the earlier charts posted this week and the rounding bottom."

The next two days we formed a positive reversal candle formation, a Tweezer bottom.

Here's where we are so far today...

 Here's the rounding bottom, the capitulation day at the red arrow, the Tweezer Bottom at the white trend line and arrow and the breakout from a head fake move below the rounding bottom since.

The short term charts are difficult as I explained in the first update linked above, but so far a I can see intraday, we have good confirmation.

 The 5 min chart is a bit better, less gaps and it is also showing good confirmation.

Of course the biggest change was the head fake move and a solid 30/60 min positive divegrence at a head fake area as you can see.

Thus far MCP is kicking some butt, we'll just let it go for the moment, keep an eye on it and if possible, get it in to a Trend Channel ASAP.