MCS : More downside to come
February 15, 2011 Leave a comment
On Feb 9 we suggested MCS might be worth a look on the pullback to 10.45. Today it hit 10.60, and we may now see it overshoot to day chart trend support at 10.30-10.35. If this level is hit today or even tomorrow a brief bounce should occur, but will struggle at 10.55 or so. Although volume is not massive, there is a clear sell-side bias to the flows, and if selling intensifies and 10.30 to 10.45 fails to hold, then the chances of a dip to 10 or even 9.50 or so will increase significantly.