Some stocks stay on my watchlist for months on end before a chart pattern setup takes shape, and NYSE:MR is on of these stocks. After watching it for 3+ months, the stock is getting really interesting.
The stock is working on final stage of its 6 month Head and Shoulder pattern. If you are looking at the daily chart, the H&S is a continuation head and shoulder setup. If you zoom out few years and take a look at the weekly chart, it is a head and shoulders bottom setup. Either way, the implications are the same and that is higher stock prices if we get a pattern confirmation (a daily close above neckline).
The right shoulder of the pattern is taking on the shape of a 2 and half month head and shoulders continuation as well, making this one of the most exciting setups I've come across in a while. Earnings are in 3 days, and if received favorably, could be the catalyst to launch the stock into a powerful uptrend that could reach $9-10 area.
The stock is working on final stage of its 6 month Head and Shoulder pattern. If you are looking at the daily chart, the H&S is a continuation head and shoulder setup. If you zoom out few years and take a look at the weekly chart, it is a head and shoulders bottom setup. Either way, the implications are the same and that is higher stock prices if we get a pattern confirmation (a daily close above neckline).
The right shoulder of the pattern is taking on the shape of a 2 and half month head and shoulders continuation as well, making this one of the most exciting setups I've come across in a while. Earnings are in 3 days, and if received favorably, could be the catalyst to launch the stock into a powerful uptrend that could reach $9-10 area.
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