A quick revisit to the short term technicals of MTR. As more data emerges, the picture becomes clearer. The previously drawn short term demand line is violated giving way to a trading range. See the boundaries of TR ($3.055 support & $3.38 resistance) drawn with solid Blue support and resistance lines.
A bearish pivot of 06/10 is now followed by a bullish closing price reversal of today (12/10). We may see a bullish pivot completion over the next few sessions. In any case the price action behaviour of today is now seen as a successful retest of the short term support at $3.055 zone. Next test may be the resistance, if we have a bullish pivot confirmed.
The height of the trading range is approx. 32 cents therefore one may project that to the upside or downside depending of the direction of the breakout. If the breakout is to the upside, target would be the zone of $3.70. If on the other hand we see a breakdown, level of $2.735 may be tested.
I am at the opinion that we are likely to see an upside breakout, whether or not that happens it remains to be seen. As always, I will be guided by the price action behaviour.
OBV at the bottom window is still flat with no clues as to which way the next direction may be.
Daily MTR chart below.
Disclosure : MTR held.
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