Let me start off by saying I'm a complete novice and nobody should listen to me. I don't know what I'm talking about, but I'd like to share what I think is going to happen so I can get feedback.
MPC -1.04% hasn't updated his trend line to account for the recent top, so on his chart it looks like it's broken out, but it hasn't. Right now it's stalling out just below it. If you look at the MACD , the volume is exactly the same as it was the last three times it bounced off the top of the downtrend, and there's nothing else to indicate that this is going to be the time it breaks out.
It's possible that it will break out a little this time, but I'm not going to buy in until it shows good strength above the trend line .
MPC -1.04% hasn't updated his trend line to account for the recent top, so on his chart it looks like it's broken out, but it hasn't. Right now it's stalling out just below it. If you look at the MACD , the volume is exactly the same as it was the last three times it bounced off the top of the downtrend, and there's nothing else to indicate that this is going to be the time it breaks out.
It's possible that it will break out a little this time, but I'm not going to buy in until it shows good strength above the trend line .
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Looks like I was wrong, good call MagicPoopCannon.
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Maybe I was right? Guess we'll see.
