Summary of the analysis would also be made available below the second chart for those of us with minimal TA knowledge.
Looking at the price action behaviour of MTR in this weekly chart, what we have seen is a successful retest of the Selling Climax of early July ( marked as SC). Could this be a Wyckoff Spring ? Potentially yes, to be confirmed. We will only know if it is, as more data emerges. Fact that we had a successful retest of the SC may suggest a potential retest of the AR ( Automatic Rally Resistance) over the weeks ahead.
I am treating the pattern as a potential Wyckoff Accumulation until proven otherwise.
Weekly MTR Chart below.
Lets fine tune things in the daily.
All the reference points of the potential Wyckoff Accumulation Pattern are as shown on the chart. We have an established demand line drawn as a dashed Black Trend Line where a support may be offered on a test. A bearish day today (06/10).Is a follow through tomorrow be forthcoming to confirm it’s validity ? I am comparing this bar to that of 28/09 in my analysis. On the 28th of Sep. very bearish bar followed by a lack of follow through. Could the history repeat itself one more time in such a short time ? Or will we see a follow through and another re test of the spring ? Analysis continues…
SUMMARY : Pattern on hand, since the beginning of July, has all the hallmarks of a potential Wyckoff Accumulation Pattern. I have entered MTR on a completed bullish pivot (06/09) and added to my position after a successful retest of the potential spring. Danger point on the chart is the lowest low @ $2.87 made on the 31/08 which must HOLD. I will run fast if it fails to do so.
Disclosure : MTR Held
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