MPL - The next Pullback Could be a Buying Opportunity
Bullish Trend Indications:
The chart of MPL has developed well, indicating that the Bear trend has finished and after price hitting Resistance, it is trying to pull back. The downtrend line has been broken decisively with good Volume and has hit Resistance. It has also developed a Golden Cross.
We can clearly see that while price had been moving higher, OBV has been decreasing. This shows lack of upside Volume which indicates divergence and decreasing Volume.
We can also see a Bearish Divergent MACD Cross also indicating lack of Momentum, while price was moving higher which shows that it is ripe and ready to pull back.
I expect it to head lower into the Buy Zone of $2.60 - $2.80 range where I will be looking to buy after Bullish Price Action.
Please note these are my own notes, by no means trading advise. Please do your own research before entering into any trade.
The chart of MPL has developed well, indicating that the Bear trend has finished and after price hitting Resistance, it is trying to pull back. The downtrend line has been broken decisively with good Volume and has hit Resistance. It has also developed a Golden Cross.
We can clearly see that while price had been moving higher, OBV has been decreasing. This shows lack of upside Volume which indicates divergence and decreasing Volume.
We can also see a Bearish Divergent MACD Cross also indicating lack of Momentum, while price was moving higher which shows that it is ripe and ready to pull back.
I expect it to head lower into the Buy Zone of $2.60 - $2.80 range where I will be looking to buy after Bullish Price Action.
Please note these are my own notes, by no means trading advise. Please do your own research before entering into any trade.