As pointed out by JXMFinancial, MTZ recently bounced off on a nice volume. I have expanded the idea provided with some more observations that made me take a bullish stance on the stock:
- There is a long term uptrend and the price neatly bounced off the low of it. [I connect the tops and then make a parallel line to see if bottoms match. And they do. This is why i think it was obvious for the buyers to get in at the lowest point of the channel.] But wait, there's more
- Technicals are all on the lows,
*MACD in a nice setup to turn up for a long term run - best place to buy a stock
*RSI, RMI, CCI are all on a low and turning up
- Plus now we have a neat gap to fill at least while the technicals turn up
The general picture turns really bullish after this, so unless some more news [check them and fundamentals] come out, i see the following:
- Target 1: 32 [orange dotted] ; I suspect at this level the MAs will cross and a MAcross signal will pop up
- Target 2: 33.9 [bottom of the gap, previous resistance, first dotted red] This coincides with the downtrend resistance[blue line] 10% up from current levels and a nice place to book profits.
- Target 3: 35.8 [gap filled, making a new higher high] If it closes above this range, high chance of it heading to 37.4.
- Sell Target: if below 27.87 [making a lower low]
The following levels [red dotted lines] just depict the forthcoming resistance levels towards the long term goal of the channel [thick orange dotted]. The price will fluctuate of course on the road and may not reach the top should the trend change due to many yet unknown reasons.
- There is a long term uptrend and the price neatly bounced off the low of it. [I connect the tops and then make a parallel line to see if bottoms match. And they do. This is why i think it was obvious for the buyers to get in at the lowest point of the channel.] But wait, there's more
- Technicals are all on the lows,
*MACD in a nice setup to turn up for a long term run - best place to buy a stock
*RSI, RMI, CCI are all on a low and turning up
- Plus now we have a neat gap to fill at least while the technicals turn up
The general picture turns really bullish after this, so unless some more news [check them and fundamentals] come out, i see the following:
- Target 1: 32 [orange dotted] ; I suspect at this level the MAs will cross and a MAcross signal will pop up
- Target 2: 33.9 [bottom of the gap, previous resistance, first dotted red] This coincides with the downtrend resistance[blue line] 10% up from current levels and a nice place to book profits.
- Target 3: 35.8 [gap filled, making a new higher high] If it closes above this range, high chance of it heading to 37.4.
- Sell Target: if below 27.87 [making a lower low]
The following levels [red dotted lines] just depict the forthcoming resistance levels towards the long term goal of the channel [thick orange dotted]. The price will fluctuate of course on the road and may not reach the top should the trend change due to many yet unknown reasons.
A-shot investment and trading
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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.
A-shot investment and trading
Related publications
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.