Sunday, June 08, 2008

MFC Analysis for 06.08.2008


Monthly chart shows price below 8ema. While there is current support off the 34ema, the bulls just can't seem to take price much higher in the 4 to 5 months. There is no buy signal on this timeframe.

Weekly chart shows the stock has been in a trading range/consolidation since the January 2008 low. We should break out of this consolidation and make new lows. A key target of interest is the 1:1 projection level at the $26.90 area.

Daily chart shows a 3 wave abc pattern into current resistance high of $40.37. Price is currently below all key moving averages. Eventually, we should break out of this trading range and make lower lows.

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