MT pullback from top: buy the dipWe had a long position up untill the last top. Then got stopped out today. This stock is still making it's way higher, this week we broke out of the trend channel and onto a new high since march. I think we are moving towards pre-march levels before year end, so still a lot of upside potential. We are now looking for a good entry again.
We are approaching resistance at 15.242 in this consolidation after yesterday's high.
MACD and RSI are all pointing down and looks like they have room to go down further.
If we look at the trendlines we can draw from the channel we just broke out of we could pullback for 2-3 days before we go back up.
Now it's best to wait and see if we can find a new solid resitance. We will probably trade sideways for a bit before we can rally again.
To be clear, I was long on MT and made profit, wanted to take half of the top, but got stopped out today (stop probably a tad too tight). Will re-enter long at the right moment.