MCK had a poor earnings report on October 30th but despite the falling price it still managed to hold the ascending channel. The stock price is right at the gap resistance level but with the stock trying to escape an oversold condition it looks to have a lot more room to rise.
I would be aiming for the resistance line of the ascending channel but $147.20 is the 61.8% Fibonacci Extension level which would be a good level to look for a pause in the rally.
I would be aiming for the resistance line of the ascending channel but $147.20 is the 61.8% Fibonacci Extension level which would be a good level to look for a pause in the rally.
Trade closed: target reached:
The stock hit my $147.20 price target back on November 13th & has since broken through that level. Tight stops for any continued bullish chasing.