MCS Steel (MCS) : Entry on a pulback to 10.45
February 9, 2011 Leave a comment
MCS has key support this afternoon at 10.70. After the bounce to 11.10 this morning, risk of a pullback to 10.45 is quite high, so if 10.70 fails to hold we expect a quick pullback of 0.25-0.30. In terms of the day chart, if MCS can muster a close at 10.80 or better today, it will likely see follow through buying and a spike to 11.40-11.50m if not the recent high at 11.70. Entry at 10.45 with a stop at 10.25 is therefore worth a look this afternoon if selling pressure and volume is light.