MACO : VST support at 5.60, resistance at 5.80
April 11, 2011 Leave a comment
A 5 minute chart illustrates the very recent ramp in MACO shares rather well. Volume came in for 20 minutes and saw the price spike from 5.20 to .10 in 15 mins or so, leaving first support and resistance at 5.60 and 5.80 respectively.
The stock is obviously a tad dangerous, but on a breakout on decent volume at 5.80, the target is 6.15, then 6.40 and 6.60.
Should 5.60 fail, we see no real support until 5.20 or so
Hard call on this one, but there looks to be more chance of further gains than a failure move and subsequent new downtrend.