Mechel PAO (MTL)

[stocktrademan]

Yeah, Yeah; but that 3.00 level made one hell of a solid foundational support (like 1 big stair step) to recent upmove last few months... Just seems top heavy to me still...??

Looking at the monthly chart may provide a good view from 30000+ feet out the jet window so to speak. I think the big stair step was the smart shorts gettting out of the way of the pending macd or ppo crossup over 0. The warning sign was there for months, even years. There is bullish divergence where the price makes lower lows with the macd or ppo making higher lows. Once the crossing over 0 happens then that will probably be the big stair step to wait to retrace, which it appears to have done with a bottoming tail hammer like candle. There's another moving average golden cross pattern and two moving averages providing support are definitely better than one.



Zooming back in to the weekly, as if taking out some binoculars from the window seat so to speak... The weekly the ppo crossed over 0 and had the big upmove, but notice now today it made that first pullback and is ready to bounce off again. I always keep my eyes open for that first pullback after the macd or ppo crosses over. It is an excellent trade and one can flip through a hundred charts a minute or two, and find one in one sitting usually very quickly. It's not high tech but it works fine and needs no special software or equipment.