MR Looks to be topping? I'm not going to be a pig. Ill take my profits.
NYSE:MR Revised profit potential to 30% from 90%. Oil prices still under pressure despite nations agreeing to cut production; however, it is a demand shock rather than a supply shock. Will MR take the RED or GREEN path?
This is based on personal technical analysis. Sorry, not PRO yet. First post. Circa April 27th is top of sine wave, expect pause/slight breather before continuing higher.
Close 50% of remaining Long position at TP2.
MR has formed a 2-year falling wedge from its 43.81 peak (August 12, 2013). The recent rebound from the 23.93 YTD low (July 7, 2015) reached 28.08 (August 10, 2015 high) before consolidating. A break above the 28.08 area would signal a 4-week rising triangle breakout (as shown on the daily chart) and test the 200 day moving average currently at 28.27 and then the...