$MLCO - Critical stage for bottoming process
MLCO has been in down trend descending wedge (some people may take it as triangle) and just bounced off of 100% fib extension of $9.57.
The $9.57 is a very critical area for the stock. If $9.57 support fails, the stock can fall to $2.88 with little support in between.
For bullish traders, you would want to see 9.57 holds and stock travel up to the upper trend line. Pay attention to those fib lines.
Target 1- $16
Target 2 - $18.30
Target 3 - $20.40
Risk - fall below $9.57 will be really bad as there are no strong support until $2.88. Support around $6.50 is weak.
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How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines shows support and resistance areas.
- Fib lines also shows support and resistance areas.
- The dotted white lines shows price projection for breakout or breakdown target.
Disclaimer: Do your own DD. Not an investment advice.
The $9.57 is a very critical area for the stock. If $9.57 support fails, the stock can fall to $2.88 with little support in between.
For bullish traders, you would want to see 9.57 holds and stock travel up to the upper trend line. Pay attention to those fib lines.
Target 1- $16
Target 2 - $18.30
Target 3 - $20.40
Risk - fall below $9.57 will be really bad as there are no strong support until $2.88. Support around $6.50 is weak.
———————————————————
How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines shows support and resistance areas.
- Fib lines also shows support and resistance areas.
- The dotted white lines shows price projection for breakout or breakdown target.
Disclaimer: Do your own DD. Not an investment advice.