scorpious

inverted cup and handle for MTW

Short
NYSE:MTW   MANITOWOC CO INC
Here is what I think is happening.

MTW is in a inverted cup and handle pattern, with the initial handle under formation (or perhaps a bigger cup is in formation).




1. Its currently in the process of short term over bought, not quiet there yet based on OBOS levels. I could be wrong and the 30.00 price is the resistance that it has hit and continue the down trend .
2. because of the rate at which the stock tanked and stretched far down, there should be some rebound and I expect it to hit resistance at 32.25 with decreasing volume .
3. with further continuation of the down trend the price could hit two key price levels.

- cheers
Scorp

Comments

not quiet the retracement, but still appears to be on trace
Reply
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