Molycorp getting ready to move

Molycorp (MCP) has been on a pennant pattern for a few days (see 60 min chart) that could resolve today. It could move either way, so patience is key here. If it resolves up, I expect sellers to come in around $5.20. If it resolves lower, it could go as far down as $4.60 before it finds buyers again. Holding above $5.20 is key for the bulls, so I’m waiting to see if a move up is followed through with support above that key level.

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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