Action:Recently, MTL has had a steeper bottom line than the upper line, forming an ascending wedge. This is bearish and is mostly resolved to the downside. MTL is at the cusp of this resolution. The long term trendline (in black) is very strong and parallel to its 200d, which is a very bullish sign. Hence our interest in this load and forget stock. Ideally, we would like to get it in the 43 region. But strong stocks like MTL, don't stay very long at such places. So under 46-47 should be a nice place to start accumulating MTL.
Guess:
Long term, the chart is very strong. We believe this chart is going to correct somemore, towards the black trendline, looking at the stochastics. As soon as it crosses the 1/2 way point from the highs to the black trendline, we are looking to add a small position. It is advisable to keep adding as its reaches the black line. Looking to pickup SMN in the recent market here. That should serve in good stead if MTL behaves badly.
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