MBB Stock: Potential Long-Term Accumulation Opportunity
Based on the monthly chart, MBB appears to be in an attractive position for long-term accumulation. The crucial zone is the untested demand area, which will also serve as the handle for the legendary cup-and-handle pattern.
Since the price encountered supply pressure at the peak of Elliott wave 3, and the monthly candle closed as a doji with bearish confirmation, a correction to the Demand zone around 19k (highlighted in blue) is highly probable before continuing the upward trend to complete the final Elliott wave 5.
Afterward, we should wait for the formation of an Elliott wave ABC corrective pattern and then re-evaluate the potential for new buying opportunities.
Since the price encountered supply pressure at the peak of Elliott wave 3, and the monthly candle closed as a doji with bearish confirmation, a correction to the Demand zone around 19k (highlighted in blue) is highly probable before continuing the upward trend to complete the final Elliott wave 5.
Afterward, we should wait for the formation of an Elliott wave ABC corrective pattern and then re-evaluate the potential for new buying opportunities.