MCO Tests Trend Line
On August 13 we broke through major support (dotted green line) which triggered a large selloff. August 15th and 16th attempted a break of the long-term trend line (solid green line) much sooner than my prediction, however the price bounced back to the upside off that support. The price is currently testing support levels from mid June. RSI appears to be oversold however momentum could still be to the downside and there is a chance we could retest the long-term trend line.
If you are a strong believer in MCO it appears this is a potentially good price to be long. I am personally going to wait for confirmation of either a double bottom or a daily green Heikin Ashi candle before entering a long position.
This analysis is for education purposes only.
Good luck.
If you are a strong believer in MCO it appears this is a potentially good price to be long. I am personally going to wait for confirmation of either a double bottom or a daily green Heikin Ashi candle before entering a long position.
This analysis is for education purposes only.
Good luck.
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