At the mentoring group we called it a "Mountain". To me, this is just a buyers zone. But it doesn't matter how you call it. It matters, how you use it, and what you are aware of, IF you use it. Because this zone could get washed in a blink... That's why it is always a good idea to first observe, and then let the market yell at you, if there is a potential entry...
Retest Gap. Increasing volume and all EMA's between entry and stop. Should bounce off one of the EMA's if triggered in.
Looks like the bearish breakdown failed and it´s time for the bulls. Will wait for a pullback before looking for a trade. If it can pull back to support and bounce off of 10 SMA or 30 EMA it looks bullish.
MR, getting near to a buy signal. A little further down then a touch of the 50sma will be the BUY signal. The RSI and %R are over sold. 61% retracement is extreme. Should be good to complete 3 drives to the top. Could run to $17.70
With an implied volatility rank of 98 and an implied volatility of 79, MRO presents a good covered call opportunity here with a return on capital of greater than 10% if called away at the nearest short call strike (13). Here's the setup (which, as always, may require tweaking after NY open, since these off hours quotes have a tendency to have wide bid/asks): Buy...