MTR Weekly Chart Outlook 14/02/2017.

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.

mtr14022017

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