MPC - 6.02% Potential Profit - Bullish Pennant
Clear uptrend Support with a Bullish Pennant forming and price about to break-out.
Target price set at a new potential resistance line. Once broken, it might have the potential for a greater run.
- 5-month uptrend
- RSI above 50
- STOCH approaching 50
- MACD above Signal
Suggested Entry $39.35
Suggested Stop Loss $38.61
Target price $41.72
Note that I tend to adjust stop losses in order to secure profits early and preserve capital. This means that the target price is going to be achieved as long as there are no strong pullbacks that trigger my new adjusted stop loss.
Target price set at a new potential resistance line. Once broken, it might have the potential for a greater run.
- 5-month uptrend
- RSI above 50
- STOCH approaching 50
- MACD above Signal
Suggested Entry $39.35
Suggested Stop Loss $38.61
Target price $41.72
Note that I tend to adjust stop losses in order to secure profits early and preserve capital. This means that the target price is going to be achieved as long as there are no strong pullbacks that trigger my new adjusted stop loss.
Comment:
I suggest waiting for the price to bounce off and confirm the new resistance line before placing a Limit Order.
Order cancelled:
I ended up taking a short position and profit from it (chart published in a more recent idea).