Possible breakout of Huge Cup formation dating back to '05
MDC has been forming a cup pattern dating back to 2005. Its UUUUGE! MASSIVE! THE BIGGEST THE WORLD HAS EVER SEEN! No but seriously,
YoY and QoQ they have increased earnings and profits in a steady upward trend. From 2017 to 2020, they increased earnings from 2.5 to 3.8 Billion, while at the same almost doubling the profit margin. 2020 which has been a hard year for most, was another year of growth for MDC. Growing revenue from 700 Million in Q1 to 1.2 Billion in Q4 and net income from 36 Million to 146 Million respectively. They have an EPS rating of 98, so they beating 98% of companies in the IBD database, which is impressive. Based on that, along with the massive cup, I think this breakout could shoot price action up to around 125-130. Thats about the measured move from the swing high to the swing low, from the breakout of resistance from 2005, which sits around 70.
Let me know your thoughts or drop your charts in the comments below!
YoY and QoQ they have increased earnings and profits in a steady upward trend. From 2017 to 2020, they increased earnings from 2.5 to 3.8 Billion, while at the same almost doubling the profit margin. 2020 which has been a hard year for most, was another year of growth for MDC. Growing revenue from 700 Million in Q1 to 1.2 Billion in Q4 and net income from 36 Million to 146 Million respectively. They have an EPS rating of 98, so they beating 98% of companies in the IBD database, which is impressive. Based on that, along with the massive cup, I think this breakout could shoot price action up to around 125-130. Thats about the measured move from the swing high to the swing low, from the breakout of resistance from 2005, which sits around 70.
Let me know your thoughts or drop your charts in the comments below!
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