Long Play - MCLD Technicals Signalling Bullish

Thanks for checking out this idea! Note: this is not financial advice. Trade at your own risk and with due diligence. I may or may not have a position in this security. Manage your risk.

On our weekly timeframe, we currently see a close above the 9 EMA, while RSI remains near oversold, and MACD is at a potential crossover - will we be rejected by the MACD signal line again, or will we see continuation to the upside?



If we look at the daily chart above, we will see a confirmation of uptrend, with the daily MACD crossing over signal line, and bullish divergence as price action goes down while RSI and MACD have been moving up. A push into positive MACD territory will be a major buy signal.

We can also note a candle close just on top of the daily 9EMA (grey) and close to the .382 fib level. A cross of the 9EMA over the 20EMA (purple) will pump price as algorithms get triggered.

Hope this analysis helps you guys out. Happy holidays and happy trading!