Part 2/2: $MQ technical:
Note that the stock is trading lower – meaning descending peaks are clearly visible.
We marked for you (in red) a descending diagonal resistance line, with 4 touches on that same resistance line.
In recent days, the stock has risen significantly, with the gains accompanied by exceptionally high volume.
The AD indicator is positive (the smart money flow indicator in FXG software – appears below volume).
This means we have several technical indications that the stock has a positive indication for a long position.
For your convenience: we marked X and a price of 28.97. (The descending trend line).
Note – Currently, the stock is in the midst of a move, so entering mid-move could be problematic for short-term traders.
It is advisable to wait for it to break the descending trend line and stay above it (28.97) or for the stock to touch the descending trend line and correct, then we will have an opportunity to buy at a lower price.
Note that the stock is falling before market open – the price range of $23-24 would be a decent place for accumulation (if it reaches it). We have not yet entered – it is under observation.
Nothing stated herein constitutes a recommendation to act!