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.
Short term: neutral
Long term: neutral