If it is too technical for you, may move on. If you want to learn the correct application of Dow Theory medium term trend, study this chart religiously. I have marked/identified all relevant price points for you.
I have become an active technical analyst of MFG as of last week. Why ? See my previous Point and Figure post on MFG as I have been stalking it for a fair while.
What have I done here on this daily chart ? I have identified high and low points that enables me to draw the medium term trend peaks and troughs. Why ? To identify the change where it matters as the Dow himself would have.
So far, it is all Lower Peaks and Lower Troughs as can be seen.
Analysis continues as an anticipated change of this Medium term trend from down to up may be imminent in the coming days....
Yep still too early to have a LONG position in MFG ... IMO
AsimMirzaTrader
⋅
@NickLuca1970, I looks very confusing to me at the moment, I think I am more inclined to wait to see it coming down to $29 range...unless the trend completely changes from current price level that is $36 range.