Bearish potential detected for MP1 - more of a scalping trade

Aug 30

Entry conditions:
(i) continuing lower share price for MP1 along with swing of DMI indicator towards bearishness and RSI downwards, and
(ii) observing market reaction to the 4 hour resistance lines from late July shown in the chart above.

Depending on risk tolerance, the stop loss for the trade would be:
(i) above the declining 8 day EMA (currently $17.96), or
(ii) above the declining 15 day EMA (currently $18.58).

Sep 6

Note

UPDATE (week ending 04-Sep): Some opportunities for shorting MP1 stock presented itself during the week as a scalping opportunity for day-traders, remaining well within the proposed range, however it appears that the indicators are now changing towards a possible bias to the upside and caution would now be advised heading into next week.