MCG showing the battle being waged at the median line of a thin Pitchfork, still lean heavily on the idea that 5 July is potentially a Weekly/Yearly low point as we saw buyers step in around this level. The line that confirms a weekly low is the blue resistance & a close above the 10 week moving average. Should the share go lower than 5 July we would know that this cycle extends beyond day 35. The bulls can wait for a painless entry on confirmations, while longterm investors should not have a problem accumulating at current levels. The middle of the road approach would be deploying 30% of what is expected then another 30% on confirmation of a swing low should we go lower with the balance on meeting the parameters for confirming a weekly low.
Comment:
MCG has managed to put higher lows, however it is yet to have a weekly swing low, price is forming a rising wedge that should lead to a daily low. Out of that low we expect to confirm a weekly low.
Comment:
Price is finding support at the upper resistance of pitchfork, we are seeking a daily cycle low. A line drawn over 4 August and 15 August will form a resistance that once broken with a daily close above it, a cycle low is confirm.
Trade closed manually