Long | MCFAMEX:MCF
Possible Scenario: LONG
Evidence: Price Action
This is my idea and could be wrong 100%
MCF
MCF Still Chugging But Can The Volume Continue?Another penny stock that has been on a tearing run over the course of the past three weeks is Contango Oil & Gas Company ( MCF ). We originally reported on the company in September, “5 Top Penny Stocks To Watch Before October 1.”
" During the course of the three weeks, the stock has gained in excess of 455%. This came after two key developments. Towards the end of September, the company announced that it had reached an agreement to buy the assets of White Star Petroleum. White Star had filed for bankruptcy and Contango decided to pounce. "
Source: 3 Penny Stocks To Buy or Sell In October?
MCF Lookin Good. Sketch, But Strong Support. Mech Long Anybody?So, I like MCF. Good ol' t3mpoz at Crypto Traders TV just was looking at it. Thanks to him, I think I have me a trade. .25 is entry, well a little below, a little below 0 stop, 1 is final target to let rest ride in profit. Mechanical setups and the hidden pivot method developed by Rick Ackerman have changed my trading my friends.
Market Timing: NYSE:MCF is likely at a major bottomContango Oil & Gas company has fallen from its high of $95 in 2008, to it's recent low above $2. This stock has solid support at this level, along with improving underlying fundamental metrics. An opportunity to time the upcoming advance higher in this market (with limited risk) is setting up. I expect to buy and hold this stock for a year or longer after the expected confirmation.
