MCR.ASX Trend ends in a 2B and heads back up

16 Okt 2019

This is a long term chart, but long term plays are always pretty good to sit on. There was a massive long term trend that ended once it put in a 2B (A low, and then a higher low) which created a point for the new trend to begin. As soon as the price action has crossed above the trend line it has hit its head again the point which the price fell off the chart before it hit its all time low. This is a significant price point and given the price action right on this line forming a flag this is a pretty bullish signal. Price has already crossed this resistance level so the peak of the flag will become our break point. 0.68 if you're hungry, but 0.73 if your playing it safe. Stop is at 0.58.

Its important to note that this could mark the beginning of a longer term trend which I've marked with purple.

27 Des 2019

Catatan

If this decides to get going now it will need a break above the 0.725 mark. Then if it begins a trend we could expect the bottom of the purple line to act as the trend line. However its a long way from 0.645 to 0.725. Might have to wait and see before putting this trade on.