MJC:
- Long Green Candles on both Weekly and Daily Charts
- The stock broke out of two resistances at 5.5 and 6, nearing its next resistance at 6.5.
- Volume is increasing
- Price is at the border of the upper Bollinger Band (good momentum)
- Buy Signal for MACD in both Weekly and Daily Charts
If I were positioned in this, I would hold and see if it breaks out of 6.5. Next target price is around 7.2 to 8 php per share.
If I were looking to buy, I would buy if the stock breaks out of 6.5 and shows conviction. If not, avoid it since it is near the resistance and outside the Bollinger Bands. If you can stomach more risk, you can test buy since the long green candle shows great momentum.
These are merely my own analysis as a swing trader, and not any recommendation to buy or sell. Please study the charts and stocks before executing your own trades.
Learn how I analyze stocks using my trading system.