After a strong rally in mid-October, MBP has been in a sideways consolidation pattern for the past three weeks, and is showing signs of day-to-day weakness supported on the downside by opportunistic buying on dips. (That would be me.)
The stock is looking like it wants to go lower. If it weren't for the underlying fundamentally bullish situation of this company, I might be bearish. But I'm not.
When MBP breaks out of this trading range of .65 to .75, it will be to the upside.
I have specific notion as to when this is likely to happen. The last breakout came earlier than I thought it would. The next one could come at any time. The more it is delayed, the stronger the up-burst will be. I am still looking for $1.60 to $2.00 by the end of December.
After a strong rally in mid-October, MBP has been in a sideways...
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