Here is what I think is happening.
MTW is in a inverted cup and handle pattern, with the initial handle under formation (or perhaps a bigger cup is in formation).
1. Its currently in the process of short term over bought, not quiet there yet based on OBOS levels. I could be wrong and the 30.00 price is the resistance that it has hit and continue the down trend .
2. because of the rate at which the stock tanked and stretched far down, there should be some rebound and I expect it to hit resistance at 32.25 with decreasing volume.
3. with further continuation of the down trend the price could hit two key price levels.
- cheers
Scorp
MTW is in a inverted cup and handle pattern, with the initial handle under formation (or perhaps a bigger cup is in formation).
1. Its currently in the process of short term over bought, not quiet there yet based on OBOS levels. I could be wrong and the 30.00 price is the resistance that it has hit and continue the down trend .
2. because of the rate at which the stock tanked and stretched far down, there should be some rebound and I expect it to hit resistance at 32.25 with decreasing volume.
3. with further continuation of the down trend the price could hit two key price levels.
- cheers
Scorp