weekend charting 9 april, page-50

Some charts requested:

Pelseart, MCR & BCI:

MCR has made a pretty strong advance in recent weeks and looks pretty good on both the longer term weekly and shorter term daily timescales. My only concern is the longer term downtrend on the weekly, where price is at right now. If price break through that resistance then imo the target is the August high at 2.90, with perhaps an intermediate target of 2.60 as indicated on the daily. Both the Stochastic and the MACD on the daily are looking pretty bullish, particularly the Stochastic the way its skidding along above 80. On the downside 1.98 looks to be the most significant support, yet to be tested.

MCR weekly:


MCR daily:


BCI is a stock where currently I think the weekly tells the better story, and had I paid more attention to the weekly than the daily I'd probably still be in it (sold out in the 1.30s after getting in at the last low at 1.15).

On the daily, it looks over-ripe for a pullback after a strong breakout of the trading range its been in for 9 months. The stochastic and MACD still look bullish but the most recent candles suggest it might be overstretched.

BCI daily:


However on the weekly, we have a much better view of the breakout with good volumes particularly in the last couple of weeks. Here (on the candle version) you can see why yesterdays candle pulled back the way it did is due to that resistance line at 1.88. But based on the weekly, it looks like there's still some room to run to 2.05, particularly if the market puts in a few more positive days, which commodities appear to be leading atm. I've also included the closing price version of the weekly chart, so you can see why I drew the downtrend resistance line where I did, because based purely on the candle chart you might be thinking that the downtrend line should have been drawn from the June 07 highs to the June 09 peak. If it gets to 2.05, I'd be looking for it to test for support in the 1.80-1.88 region based on the October 07 and June 08 highs.

BCI weekly candle:


BCI weekly close:


Cheers, Sharks.