Molycorp sellers step in

On Friday, sellers pushed down shares of Molycorp (MCP) after it attempted to break to the upside from a five day pennant. It sold off quickly as sellers stepped in around $5.20. Shares are now trading below $5, but may not find support until $4.80. Sellers might be now lurking around $5.

I’ve been noticing many failed patterns, which prompts me to thread with caution as the market could be changing direction.

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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