Traders Cooperative

[royg1927]

looks like you are going little out of the usual stocks you play.

Yeah, but still with issues with which I have some acquaintance.

Heard some words again today on CNBC about China and rare earths and recalled the MCP stuff from year before last. I'm a previous engineer/manager at TI and retain some working interest in related technical matters.

Took a quick peek at the MCP chart, and the steep upward movement suggested a possible reversal.

The 1:30 lower high drew attention to the fact that the earlier HOD at 32.63 was maybe running into resistance at the early February high at 32.94.

http://stockcharts.com/h-sc/ui?s=MCP&id=p58448044944&def=N&listNum=1

Plus the intraday oscillators were showing overbought. Of special interest in my technical tactics was the Wm%R(14) dive through -50 on both the 5 and 15-minute charts at 1:30 simultaneous with lower highs on the RSI, usually a favorable puts entry.

http://stockcharts.com/h-sc/ui?s=MCP&id=p72963778222&def=Y&listNum=1