upward potential

MXR has been on a steady downtrend since July this year, and has not really shown any signs of recovery - until the last week.

The chart shows a flag trade for the short term trader.

There are a few things of note in the chart. Firstly, the rapid rise of the price after a stable downtrend. Secondly, a steady retracement of the price that fits into an angled channel or flag. And as of yesterday, a close above the top flag line. This is the buy signal.

To add some confidence to this trade, there is a crossover of the 10 and 30 day EMA's, and the turning of the long term GMMA.

Also, the short term downtrend line has been broken

For a longer term uptrend to be confirmed, a compression and re-expansion of the blue long term GMMA's is needed. However, MXR provides a good opportunity for a short term trade over the next 2 weeks. Sell out on weakness.

Note: This trade is not for everyone - only aggressive short term traders should consider a buy on Monday. More conservative longer term traders should wait for more signals to emerge.