NYSE:MCP Chart Analysis & Key Resistance Points & Support Levels as of July 21, 2011
Someone in the webinar yesterday asked about key resistance points on MCP
Here are the key levels i'd watch for upside resistance
So if MCP goes up what levels will be key resistance and/or Selling points ?
1) $61.99 ( also similar resistance last December 2010
2) $66.43 (not much resistance over $66.50 to $79+ so much more key point
3) $79+ if ever had a day close over this then considered a breakout point
What if MCP drops from here? where are support levels or Stop Points
1) watch support at 20day sma $55.69
2) watch support at 200day sma $49.58
sma means ( simple moving average) some people use ema ( exponential moving average) Just use what you are comfortable with & what seems to work best
As a trader I always watch these key levels on stocks I trade since I use the key resistance points as good areas to scale out of a stock and take profits there. I also use under support levels as good points to use for stops on positions.
Chart below with my notes Double click it to make it bigger & easier to read
Hope that makes some sense –