MTR Update 20/10/2016.

MTR had violated it’s supply line ( resistance line of the down trending channel). A significant bullish development which needs to be validated with a follow through over the coming sessions. Should that be the case ( follow through), the broken resistance will now become first support at the zone of $3.40 followed by medium term support at the zone of $3.05.

OBV ( On Balance Volume) at the bottom window had an earlier breakout which is supportive of this bullish move. Volume and price action in sync.

From the beginning of this trade, I have taken a medium to long term view in pursuit of capturing the next potential major up leg. My prior analysis was indicative of potential accumulation pattern, where my entry was straight after the failed support break, which I am treating as potential Wyckoff Spring.

Over the coming days/weeks, should things unfold as anticipated, I will then take a horizontal PnF count of the basing pattern for a tentative bullish price objective. So far, I have a valid but not active count which yields a tentative bullish price objective of $4.78 !

I will publish that count, over the coming days/weeks once it is activated.

For now, sitting tight is what I intend to do with MTR, as long it keeps doing what is expected of it.

Disclosure : MTR held.

Daily MTR chart as at 15:00 hours update 20/10/2016.

mtrdaily20102016

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