More dip buying @ $29
MP is at a critical support which is not just a trend line support, but also the 50MA.
If the broader market weakness ends, I can see MP re testing the $50 high this year. Earnings later this month can be another possible catalyst, although I don't think positive earnings will be enough if market is weak. RSI still has room to dip, so I wouldn't be loading up here if you want to average in. If you don't hold a position though, great price to start at.
If the sell off continues today, I see a great opportunity to dollar cost average at $28-29.
MP is a great hold in my opinion, and has played beautifully with my previous price targets -- although a few weeks later than I expected (but eventually crossing my original price target of 42!)
Good luck!
If the broader market weakness ends, I can see MP re testing the $50 high this year. Earnings later this month can be another possible catalyst, although I don't think positive earnings will be enough if market is weak. RSI still has room to dip, so I wouldn't be loading up here if you want to average in. If you don't hold a position though, great price to start at.
If the sell off continues today, I see a great opportunity to dollar cost average at $28-29.
MP is a great hold in my opinion, and has played beautifully with my previous price targets -- although a few weeks later than I expected (but eventually crossing my original price target of 42!)
Good luck!
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