CrossLevMaster

Meyer Burger Rejection, 1 CHF or a 40% retrace?!

Long
SIX:MBTN   MEYER BURGER N
MBTN recently rejected a few levels. Yearly horizontal, 0.236 Fib and the "local" monthly combined were acting as a huge resistance. Combined with the massive run since March 2020 Crash, a retrace made sense and is healthy.
A retrace to 0.25 Chf would make sense, that's where I initially entered the trade and also bought Call Options.
Although it would make sense technically, a 40% retrace seems unlikely to me in the current environment with green energy, MBTN's new business plan and ambitions.
If I was looking for an entry into MBTN , I'd observe the latest resistance I lined out above.
Once claimed, it can see a healthy run up to 0.66 (Key-Resistance/Support) and up to 1 Chf which is the Golden Pocket pulled from the last high.

The trend remains bullish , no need to think otherwise until proven wrong.

Comments

Agreed!
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