MT pullback from top: buy the dip
Updated
We had a long position up untill the last top. Then got stopped out today. This stock is still making it's way higher, this week we broke out of the trend channel and onto a new high since march. I think we are moving towards pre-march levels before year end, so still a lot of upside potential. We are now looking for a good entry again.
We are approaching resistance at 15.242 in this consolidation after yesterday's high.
MACD and RSI are all pointing down and looks like they have room to go down further.
If we look at the trendlines we can draw from the channel we just broke out of we could pullback for 2-3 days before we go back up.
Now it's best to wait and see if we can find a new solid resitance. We will probably trade sideways for a bit before we can rally again.
To be clear, I was long on MT and made profit, wanted to take half of the top, but got stopped out today (stop probably a tad too tight). Will re-enter long at the right moment.
We are approaching resistance at 15.242 in this consolidation after yesterday's high.
MACD and RSI are all pointing down and looks like they have room to go down further.
If we look at the trendlines we can draw from the channel we just broke out of we could pullback for 2-3 days before we go back up.
Now it's best to wait and see if we can find a new solid resitance. We will probably trade sideways for a bit before we can rally again.
To be clear, I was long on MT and made profit, wanted to take half of the top, but got stopped out today (stop probably a tad too tight). Will re-enter long at the right moment.
Note
As you can see there is pressure downwards compressing the oscilation to a very narrow range at the end of the day.
I am looking to enter lower, I believe we will re-test bottom support and if we break it that will be a buying opportunity to get in before we go higher.
The chart still looks extremely bullish long term but I think we might need one more day of consolidation from the last peak before we can move back up.
Note
Looks like we made a nice higher high on the last wave, and closing with a lower low. The green box is where I planned to add, but I now wonder if I will get that chance monday morning. It might GAP up at opening.
Of course I would love to add there, and we might even go a little lower, but after that I am convinced we will move higher and those swings make for very good trades building towards a next rally. I have been swing trading the dips and peaks since last high and it's been good, predictable, steady.
Weekly trend is still a bullish beast, seems nothing is going to stop MT from reaching pre-march levels soon.
Note
continues to move up, next target is 17Trade active
Moving up like predicted, target 17 almost reached.
Also great to see that during a market down day MT has the resilience to keep pushing up. Let's see where we go from 17. Depending on what happens at this target we need to decide if we take profit, close position, or add. Gotta love it, no matter what you do, always will face tough choices :-)
Trade closed: target reached
we made above target profit (17.8) and we are now playing the pullback swings, then BTD then long, will post a different one on it
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