MXC in a channel, about to break out?
Hi. In this chart I've plotted one resistance line and one support line, both quite short term. With these two I've also plotted two more long term zones:
With this I've also included an MA 56 to reinforce the strength of the support zone as the MA has danced along it for a long time.
I've also included a MACD to assist in any predictions regarding impending price movement. To me it indicates an impending short term bull run, as it could be about to cross the 0 line.
In conclusion:
Thank you. Please, if you have any thoughts or comments do leave them below and I would gladly discuss or adjust my interpretations and methods with you.
This does not constitute financial advice.
Any projected prices, even if explicitly stated, are made with intent to discuss the symbol and potential interpretations.
Any trades shown or mentioned are examples and neither recommendations or mandates.
- One wide diagonal support zone that has played out since April 2020. Its very strong and if broken could be a strong indicator of a trend turn.
- One tall resistance zone that while not very strong could still indicate roughly the height that the price could go if it goes sharply bullish in the near future.
With this I've also included an MA 56 to reinforce the strength of the support zone as the MA has danced along it for a long time.
I've also included a MACD to assist in any predictions regarding impending price movement. To me it indicates an impending short term bull run, as it could be about to cross the 0 line.
In conclusion:
- MXC is still in a strong bull run and has been for a year.
- There are no signs that a trend reversal is impending and with the recent price spikes I would conclude that the price wants to rise above the resistance zone plotted and MXC could be a solid investment for long term investors with perhaps the only downside being a longer ROI.
- For short term investors the impending resistance zone break could be a nice spike to go long on, as plotted with price points.
Thank you. Please, if you have any thoughts or comments do leave them below and I would gladly discuss or adjust my interpretations and methods with you.
This does not constitute financial advice.
Any projected prices, even if explicitly stated, are made with intent to discuss the symbol and potential interpretations.
Any trades shown or mentioned are examples and neither recommendations or mandates.
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