$MATX breaking out of a base on base pattern!
* Great earnings
* Very strong up trend on the monthly time frame
* Very high 3-month relative strength of 2.73 in the Industrials - Marine Shipping sector
* U/D Volume Ratio of 0.85 (above 1 is preferred)
* Upper base depth of 19.06%
* Currently trading with volume 184.01% above its 15 day average
* During the formation of the upper base it also created a cup and handle pattern
* And is now breaking out with tonnes of volume.
Warning:
* Given the current market conditions, it's considered better to sit in cash and wait for the general conditions to stabilize.
Trade Idea:
* Now's a great time to enter since the price is really close to the broken level.
* If you're looking for a better entry, you can look for an entry opportunity near the $91.49 area.
* Consider keeping a tight stop since the general market conditions are unfavorable and also consider booking profits early for the same reason.
* Very strong up trend on the monthly time frame
* Very high 3-month relative strength of 2.73 in the Industrials - Marine Shipping sector
* U/D Volume Ratio of 0.85 (above 1 is preferred)
* Upper base depth of 19.06%
* Currently trading with volume 184.01% above its 15 day average
* During the formation of the upper base it also created a cup and handle pattern
* And is now breaking out with tonnes of volume.
Warning:
* Given the current market conditions, it's considered better to sit in cash and wait for the general conditions to stabilize.
Trade Idea:
* Now's a great time to enter since the price is really close to the broken level.
* If you're looking for a better entry, you can look for an entry opportunity near the $91.49 area.
* Consider keeping a tight stop since the general market conditions are unfavorable and also consider booking profits early for the same reason.
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