Molycorp’s On Balance Volume rising again.

Molycorp (MCP) had a very strong move yesterday after touching support around $5.20 in early morning trading. You know it was a strong move when price stays within the first standard deviation and never even touches the VWAP (see 5 min chart.) On balance volume has been rising this month showing that buyers are stepping in. There are sellers above $5.55 that prevent the stock from moving higher and I need to see this stock hold above that price to add to my position.
Waiting for confirmation is a discipline I have developed by writing and analyzing entries in my Trading Journal.

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.
This entry was posted in Risk Management, Trade Analysis, Trade Entries, Trade Planning, What to Write in a Journal. Bookmark the permalink.

Leave a Reply

Your email address will not be published.