Bullish trend confirmation indications:
1. Downtrend line broken.
2. Impulsive price action at the break of the trendline with High Volume
3. After the impulsive break, price is pulling back.
4. I would be a confident buyer within the Buy Zone which is the Fib Retracement Level Zone of
50-61.8 % and support of the trendline. The ideal Buying zone is between $2.20 - $2.40.
5. Good Buying Opportunity if it closes positive or prints a Bullish candlestick patterns in the Buy Zone area and on or near
the trendline with Bullish Price Action follow through. That will be a trade with confluence.
Please note these are my own notes, by no means trading advise. Please do your own research before entering into any trade.
1. Downtrend line broken.
2. Impulsive price action at the break of the trendline with High Volume
3. After the impulsive break, price is pulling back.
4. I would be a confident buyer within the Buy Zone which is the Fib Retracement Level Zone of
50-61.8 % and support of the trendline. The ideal Buying zone is between $2.20 - $2.40.
5. Good Buying Opportunity if it closes positive or prints a Bullish candlestick patterns in the Buy Zone area and on or near
the trendline with Bullish Price Action follow through. That will be a trade with confluence.
Please note these are my own notes, by no means trading advise. Please do your own research before entering into any trade.
Comment:
Comment:
After pulling back all the way down to 78.6 Fib Retracement Lows from the early November lows, and after smashing surprise positive earnings, I think MGR is getting ready to move to the upside. It has come to my desired Buying Zone, $2.25 - $2.50 range, and the trendline Support. I am waiting for Bullish Price Action to follow through. If it consolidates and starts to move higher, I will buy MGR aiming my TP1 level of $2.80 for a potential 20% gain.