MCP's recent rally is now approaching its 1-year downtrend resistance line. Failure to break this trendline will mean another DCB (Dead-Cat-Bounce) for MCP.
*RSI now comes off from Overbought territory (technically using a downtrend bias overbought threshold at around 55~60). This is basically a bearish bias pattern.
Trading Plan
- Avoid for now (buy only on breakout that is supported by huge volume).
- If currently holding MCP, potential profit taking area near the downtrend resistance line (or scale down position to protect some gains).
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