Bearish potential detected for MPL
Updated
Entry conditions:
(i) lower share price for
MPL along with swing up of the DMI indicators and swing down of the RSI indicator, and
(ii) observation of market reaction at the support level at $3.76.
Stop loss for the trade would be:
(i) above the resistance level from the open of 5th September (i.e.: below $3.91), or
(ii) above the resistance level from the open of 22nd August (i.e.: below $3.99), depending on risk tolerance.
(i) lower share price for
MPL along with swing up of the DMI indicators and swing down of the RSI indicator, and(ii) observation of market reaction at the support level at $3.76.
Stop loss for the trade would be:
(i) above the resistance level from the open of 5th September (i.e.: below $3.91), or
(ii) above the resistance level from the open of 22nd August (i.e.: below $3.99), depending on risk tolerance.
Trade active
UPDATE (week ending 20-Sep): Trade activated 13th September as well as providing another opportunity on 18th September before drifting downwards through the prior support level depicted in the chart above. Share price clearly closed below the 10 and 30 day MA's at the end of the trading week - should the share price challenge the prior support level of $3.60 from 10th July, watch the market reaction at that point (in case of a sudden snap-back in share price).Trade active
UPDATE (week ending 27-Sep): Share price closed below 10 and 30 day MA's, however there appears to be a potential bounce of a support level of $3.60 from the open of 10th July to be cognisant of. Observe for any sudden change in DMI and RSI, considering cross of -DMI below ADX, and potential respect of this support level.Trade active
UPDATE (week ending 04-Oct): Share price closed between 10 and 30 day MA's, with more potential bounce of a support level of $3.60 from the open of 10th July to be cognisant of. Observe for any sudden change in DMI and RSI, considering cross of -DMI below ADX, and potential respect of this support level. Observe market reaction above high of 27th September.Trade closed: stop reached
UPDATE (week ending 11-Oct): Stop loss above the resistance level of $3.69 activated for profit, if any positions remain (remove from watchlist).
Detailed commentary about these trades available here (Stocks and bonds - scan results timestamped in comments; Crypto discussed too):
youtube.com/channel/UCiJZV2iT6PJx1ydVaS0JzTw
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