MLN - primed for next jump
Updated
MLN is squeezing this key level (market orange on the chart) above which it has not managed to close a 4H candle since its last pump in Sept. Daily has just seen MACD cross 0 and bullish momentum. OBV is bullish and trending up. Beautiful j curve forming on the Daily toward this level.
I suspect we are soon to see the 4H close above this level and we are off (though with the way MLN moves it will probably already raced 30% by the close). Volatile (risky) but rewarding jump to grab
Notice with each major pump the retrace finds support above the Daily close of the previous pump (so likely above 161 after this pump) It could easily get rejected and dumped back towards trend from here, but equal amounts of TA and market sentiment are fueling my enthusiasm. If wider market holds course it will likely be a winner
My previous light-hearted analysis has turned serious!
(messy chart - posted quickly. post a cleaner version later)
I suspect we are soon to see the 4H close above this level and we are off (though with the way MLN moves it will probably already raced 30% by the close). Volatile (risky) but rewarding jump to grab
Notice with each major pump the retrace finds support above the Daily close of the previous pump (so likely above 161 after this pump) It could easily get rejected and dumped back towards trend from here, but equal amounts of TA and market sentiment are fueling my enthusiasm. If wider market holds course it will likely be a winner
My previous light-hearted analysis has turned serious!
(messy chart - posted quickly. post a cleaner version later)
Note
Profit targets: Broadening wedge suggests upper target to be in 330 range
If it makes it that high then resets on the previous high at 233 would be a remarkable break out potential of wedge formation.
More likely is a retrace to 161 after high where it will find new support and local demand area
Before any of that though, it will have to clear 161 going up (resistance and trend confluence currently), 178 prior high, and 240
Note
Still waiting for that 4H close above 147, then towards upper resistance
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