Take a look at this chart it has a trading range of about $10 im looking at an entry around $67 and maybe get a 10 point pop..What do you guys think ?
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MICC-Interesting play
Take a look at this chart it has a trading range of about $10 im looking at an entry around $67 and maybe get a 10 point pop..What do you guys think ?
It looks to me like support is around 67.75, a break of that support would be bearish and I'd have a price target of about 63. A bounce up off 67.75-68 support could be a decent long with a stop around 67.25 and a goal around 73.75, on volume move stops up and look for 77.
Right now it's turned bearish though and I wouldn't get long without seeing some volume come in on the buy side.
The weekly chart reveals an entirely different story on the candlesticks. The candle pattern of the last two weeks is called a bearish engulfing. Which means that the open and close of the last week, overshadow the open and close of the previous week.
This is a very bearish pattern especially when seen on a weekly chart. The RSI shows a divergence which is also bearish. IMO this stock will be taking a downward trend in the near future.
