MCP Follow Up

Last week I posted a quick look at MCP, Another Market Pin (MCP Quick Update). You may recall the last move in MCP of about 300% in which I posted, MCP Alert which was essentially...

"I think it may be time to take some or all of MCP off the table for now."

The idea was that a consolidation was coming and rather than sit through it, to wait and see if it was worth re-entering. This is not my favorite trade for a new position, but for those who may already be in it, MCP was starting to look interesting by last week which is why I posted the quick update linked above.

Now, despite some small gains today (compared to the moves it can make), it's starting to look a lot more interesting.

This daily chart shows the last run in MCP as the charts improved significantly which was around a 300% move. We exited on the MCP Alert linked above near the intraday highs on the day with the yellow arrow. 

Remember, we expected a consolidation and would then see if it looked likely MCP would run again. So far it has put in a consolidation similar to a flag and with the right volume.

This is the Trend Channel that has held the move and consolidation for a potential stop, it is a large stop on a percentage basis so consider it well if you do consider it and appropriate position sizing. This is a highly speculative position and I would not normally cover stocks under $1, if we hadn't already been involved with MCP for a while.

The 2=day Trend Channel has held most of the momentum moves in MCP as well as the consolidation, the current TC stop is $.73 on a CLOSING basis.

Here are the intraday charts since the update last week, Another Market Pin (MCP Quick Update)

 The 5 min chart shows the pullback divergence and subsequent pullback, this is also where the most improvement has been seen, but now we are seeing it on additional charts as well.

 The stronger 15 min chart went from a relative positive to now starting a leading positive divergence so it seems the 5 min chart's strength is migrating to stronger timeframes.

 And the 30 min chart is also seeing migration as it moves from in line to a relative positive.

This is the timing 3 min chart.

Personally I think this looks interesting, but I'd like to see a little more "Jumping off the screen" as far as the divergences before re-entering a new position, but the way it is going, it looks pretty probable that we will get to that point sooner rather than later as most of this new improvement has been over just the past few days.