Stock pick for 11/22/2011
Dear traders,
MCP is down trending stock and reached bigger monthly/weekly support area. On the daily chart we can see that CCI is higher on yesterday low what suggest for possible bounce. Initial target on CCI bounce is 20sma and it will be same with MCP, but to be sure we must see pace and volume after setup because 10sma could bring stronger resistance too. On trade like MCP we must trail stop very careful because it can be very whippy and I suggest to trade with max 50% normal risk. Selling pace in to low is stronger and we must respect that. Monday bar is doji bar (indecision bar) and setup is above Monday high with stop under low. But again, I will follow intraday action and I like it to stay above 20sma 15 min support area (27.85 at this moment). If anyone will need update or any other question, or explanation feel free to contact me ivica@xpertstocktrader.com
Wish you all great trading day
Ivica Juracic
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