MDX : Held back by resistance at 3.44
March 13, 2011 Leave a comment
MDX needs to holds above 3.44 for a day or two on stronger buying if it is to free itself from the current chart pattern, with a successful break placing 3.70-3.74 as the target.
The stock has decent support from 3.28 which is its VST breakdown point – to 3.20. Trend support is at 3.05 and rising for the week ahead, and would be a fine re-entry point if a market wide pullback resulted in MDX taking a big hit on relatively low volume.