MCO flagging out after the recent news of cards releasing in Singapore. Price right now is sitting around the 618 retracement and bouncing between the 50 (resistance; blue MA) and 100 (support; white MA) 2h MAs. However, on large runs up, at least a wick to the 768 level is usually a safe bet. The 768 lines up well with the bottom of our flag channel. Below this level is a horizontal support and allows for a close SL that is still below the nearest support. R:R from this level is great - and MCO has lots of potential upside with the anticipated release of cards in various regions.
Buy: 690-700
Targets: 770
808
919
1145
1476
Buy: 690-700
Targets: 770
808
919
1145
1476
Trade active:
If you extend the yellow channel, then this lines up well with the downward channel and the horizontal support. We are sitting in the middle of the buy zone, and I really like us at least going up to the top of the flag channel. Conservative play here is to take some profits at the top of the channel then set your SL just slightly above break even (enough to cover transaction fees). This will lock in profits and allow you to keep the position open in case we get a break from the channel.
I will continue to update as we get more data.
I will continue to update as we get more data.