MDX : On it way to 3.70-3.74
March 17, 2011 Leave a comment
On March 13 we said MDX was being held back by resistance at 3.44 and it took until today (17th ) for it to break above this stubborn level. We said a breakout above 3.44 places 3.70 to 3.74 as the target zone, with the volume today confirmation of the target in our view.
First support is now 3.48, so consider a punt if there is a dip to 3.44-3.46 with a target at 3.70 or so, and a stop loss of 3 or 4 spreads.
Upper resistances are see at 3.90 or so, but as can be seen on the week chart below, from 3.74 or so there is actually not that much in the way of price resistance until nearer 4.30-4.50