Take the MERQ challenge tomorrow intraday. I like the bounce possibility better (48) but I'll take the better set up if the 50% support area doesn't hold up. We did say on Friday you might want to hold through today's 10:00 spike high and MERQ did indeed have that exhaustion move up until 49 for 3 nice points of gain through the Friday's 10:00 reversal to UPSIDE. The 3 and/or 5 minute chart not posted for brevity but those should be up as well for more exact entry levels. (3 day 5-minute chart or 2 day 3-minute)
MERQ is obviously a bullish engulfing but that remains to be seen if this upside is shortable by an exhaustion move up by 10:00. You might want to hold a little bit of MERQ or AMKR (now above the 20 sma) for a possible gap up and exhaustion spike
(from the second breakout at 47 it hit a high of 49 today). Now the next MERQ challenge is at the 50% retracement. Really nice play for intraday while waiting for the bigger "moves" of other plays.
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