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Molycorp (MCP) - Quick Takes Pro Chart of the Day
One could make a case for a rectangle pattern unfolding in MCP. If we make this assumption standard measuring techniques give us a height-of-the-pattern price target of ~42 which happens to coincide with the November high. Though with the RSI(14) just on the cusp of overbought territory I'd like to see a little horizontal consolidation in MCP around the 35 level before breaking out and filling the Nov 11 gap to make a run at 42.
Good find Michael.
I have never had luck with Rectangle pattern.
I like to see clear indication of uptrend before getting in for the trade.
