MTR has been in what I consider a potential accumulation trading range, which is yet to confirm itself. At the close last week, it had potentially set what I would call a WEEKLY WYCKOFF SPRING. Daily Wyckoff Spring was already confirmed on 01/02 with a SOS (Sign of Strength) BAR where a low risk entry point was on hand. Only weekly chart will be published. Therefore please visit your daily charts if you want to drill it down.
Scout Boy had already jumped one creek ( internal trend line drawn in Green), could he manage couple more with some decent jumps ? If he did, MTR will be in a young and vibrant bull run once again ( I am looking forward to it). Currently, scout boy (price action) is advancing nicely towards the second creek in the zone of $3.20 after re capturing some of the lost territory due to some short selling and some weak holders exiting their positions.
Most recent low @ $2.66 is a MUST HOLD LEVEL. Failure to do so, will negate this analysis forcing me back to the drawing board.
It may also be worth checking today’s news. Smart Money appears to be in accumulation process still.
Disclosure : MTR held.
Weekly MTR chart as at 14/02/2017.
All the information and analysis provided on this website is general in nature and for educational purposes only and does not constitute financial advice. No content in any way implies a recommendation to buy, sell, hold or short sell any financial instrument, nor is it financial advice.
Investing and trading in financial markets carries considerable risk, and should always be done in consultation with a licensed financial adviser taking your personal circumstances, financial situation, objectives and needs into consideration.
Links to other websites are inserted for convenience only and do not constitute endorsement of any of the material on those sites, or any associated organisation, product or service. Kazim Agaoglu is not responsible for the content of any site owned by a third party that may be linked to this website and such links are provided as a courtesy with no judgment or warranty being made concerning the suitability, accuracy or otherwise of the content on any such site.
Kazim Agaoglu disclaims any undertakings, warranties or guarantees, express or implied and shall not be liable for any loss or damage whatsoever arising out of in connection with the use of or reliance upon any of the information on this website. The user accepts sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information on this website is no substitute for financial advice.