After a disappointing earnings, MFI is slowly reaching oversold levels. That combined with the strong 50% retracement level that has seen solid support throughout the year. However, ADX shows that there is little to no trend. Potential catalyst with $MCD. I would continue to monitor this stock movement and look for a trend reversal comfirmation.
Note
Bounced as expected. Watch for confirmation before taking entry unless risk tolerance is high.Trade closed manually
Exited calls For +45% profit. Still looks like a good entry but need to free capital for other plays.Note
Next PT $145Note
Old resistance acted as support as seen in the last hour of trading. Be cautious of that it gave away most of intraday gains.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.