Well I finally took a (small) position on Friday on MCL.to
Daily chart of MCL on the TSE
stockcharts.com[w,a]dicayymy[dc][pc4!c9!c18!c200!h.02,.20!c50!f][vc60][iut!Ul14!Lc20!La12,26,9!Lh14,3!Lb14]
As most of you are aware, I have been watching MCL closely the last couple of weeks... so now I have a bias FWIW.
Positives: ADX appears to be ready to cross 20, +D1 over -D1 (-D1 just crossed under the ADX). Last 7 candle sticks are kind of interesting, SAR trending up albight not as parabolic as the last move up. Price above all moving averages & indeed bounced off the 50 day ema 4 bars ago, volume accelerating as price moves incrementally higher. Macd above 0 & histogram looking good, Slo Stoc about to cross over @52 & RSI registering higher highs.
Negatives: CMF
Anybody care to comment about pattern(s) in this chart?
Weekly chart:
stockcharts.com[w,a]wicayymy[df][pc4!c9!c18!c200!h.02,.20!c50!f][vc60][iut!Ul14!Lc20!La12,26,9!Lh14,3!Lb14]
Positives: +D1 over the -D1, ADX heading south, price above all moving averages except the 200 ema, RSI trending higher..
Negatives: declining volume, Macd histogram flatlined & Macd is giving no hint as to which way this will go.. although it is above .50, Ditto for Slo stoc,
Based on the nice daily chart, & the inconclusive Weekly chart I decided to buy on Friday & put in a stop around 5.50 (the last column of o's in the PnF chart. Just in case I am wrong. (which is usually the case LOL)
stockcharts.com
I might be a little too early (which is why I purchased a small amount initially), but ideally I would like to see that long term trend-line taken out around the $7.50 area.
Regards,
Peter |
