MJD : If it breaks above 2.30, a decent rally should ensue
April 7, 2011 Leave a comment
MJD tried to rebound and form a reversal pattern yesterday, but the end result was a tad inconclusive. A break above 228-2.30 is what’s needed to give the stock enough momentum to turn around, from where 2.50 will be the immediate target then 260-2.62.
Look for a clear sign someone is supporting the stock, and has enough fire power to drive it though the 2.28-2.30 range if you are considering a long trade here.
All in all, a buy here can be taken on we think, from or just below current prices, or on a volume supported breakout at 2.28-2.30