Molycorp (MCP) - Quick Takes Pro Chart of the Day

[bdydjd519]

http://onlinetradersforum.com/attachments/chartoftheday040212-jpg.12348/

[bdpgicab45]

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.

[BekasCMix]

Good find Michael.

[BertOMahon]

I have never had luck with Rectangle pattern.

[BlackbrandExcib]

I like to see clear indication of uptrend before getting in for the trade.