Our last weekly candle closed near the top end of the trading range. Also notice there is a potential cup and handle pattern forming here on the weekly chart. This could be a sign that we will soon break out of this current trading range and close a weekly candle above 20.50. We would then be looking to make a new high, in what appears to be a solid longer term uptrend channel(white lines) going on. But in order to do that that, we first need our dip to form the handle of our cup pattern...then of course some volume on this dip. Ideally, I'd be looking to start buying closer to our current 50% retrace level of 17.63, adding heavier as we move closer to the bottom of the cup. I would use Friday's previous high of 23 as the sell trigger, but focusing mainly on the current 1.0 fib extension target near 30, selling heavier as we move closer to the 1.618 extension target near 41. Just keep in mind that we could very easily slip back into the current trading range, with our bottom level sitting near 10.80. We could also just as easily get a news release that quickly sends this to a new high without any dip at all.
*Swing MVIS at your own risk!
*Swing MVIS at your own risk!