Molycorp back at long term support

Molycorp (MCP) gave back all of the gains it racked at the beginning of the year. It retraced all the way back to $4.55 where it has found strong support in the past. After Friday’s bounce, resistance is looming around $5.25 in the short term and if it clears, I am looking for a gap fill with a target of $7.

MCP Daily Chart

MCP Daily Chart

About Stock Trade Journal

The information in this blog is not investment advice. Please consult a financial advisor before investing. I have been trading stock since the 1990's and survived the .com crash. I am developing software applications to help me trade better and now I am making them available to help other traders. This blog is also a way to share my experiences and observations in the market.
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