MCET Chart......Bearish engulfing reversal pattern "forming" today......
The day is young, so the pattern can change, but right now a Bearish reversal pattern is forming.....
Yesterday's candle was above the Upper Bollinger band.......the share is currently trading below the Upper BB @ 0.006......it is resistance......
1st level of support on a pullback is MA(10) @ 0.0037......as long as MCET stays above MA(20)/Middle Bollinger Band @ 0.0026 the uptrend should continue......
As you can see on this chart MA(10) has been support the entire month of Feb......if the Bearish pattern holds into EOD then MA(10) will be the reload target......
MCET must have lower Vol. today on the pullback than the previous two trading sessions......if there's an increase in Vol. on a down day today that would be a red flag........
New 52 week high was made yesterday.......the indicators were signaling overbought......this is a normal correction after a breakout above the Upper BB......
As long as MA(10) holds on the pullback everything should be OK & the 52 week high should get retested......if MA(10) support breaks on a pullback there will be significant downside risk......
MCET on Bearish reversal radar.........$$$
The day is young, so the pattern can change, but right now a Bearish reversal pattern is forming.....
Yesterday's candle was above the Upper Bollinger band.......the share is currently trading below the Upper BB @ 0.006......it is resistance......
1st level of support on a pullback is MA(10) @ 0.0037......as long as MCET stays above MA(20)/Middle Bollinger Band @ 0.0026 the uptrend should continue......
As you can see on this chart MA(10) has been support the entire month of Feb......if the Bearish pattern holds into EOD then MA(10) will be the reload target......
MCET must have lower Vol. today on the pullback than the previous two trading sessions......if there's an increase in Vol. on a down day today that would be a red flag........
New 52 week high was made yesterday.......the indicators were signaling overbought......this is a normal correction after a breakout above the Upper BB......
As long as MA(10) holds on the pullback everything should be OK & the 52 week high should get retested......if MA(10) support breaks on a pullback there will be significant downside risk......
MCET on Bearish reversal radar.........$$$
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