novvoll12

MR - Breaks above 28.08 is key to test falling wedge resistance

NYSE:MR   None
MR
5 0 0
mr
MR has formed a 2-year falling wedge from its 43.81 peak (August 12, 2013). The recent rebound from the 23.93 YTD low (July 7, 2015) reached 28.08 (August 10, 2015 high) before consolidating. A break above the 28.08 area would signal a 4-week rising triangle breakout (as shown on the daily chart ) and test the 200 day moving average currently at 28.27 and then the 28.73/29.48 key resistance zone near the 2-year falling wedge resistance. However, failure to reclaim 28.08 would reinforce the tough ceiling there instead and prolong the consolidation towards 26.62 and possible 25.55.
Outlook:
Short term: neutral
Long term: neutral
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