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| Invested Central Chart of the Day |
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MCP is a $3.2 billion basic materials company that focuses on the production and sale of rare earth oxides from stockpiled feedstocks in the western hemisphere. MCP has very poor volume trends stemming from its mid-September meltdown where it lost nearly one half of its market cap over a two week period. After that September swoon, MCP rallied back almost exactly 38.2% (think Fibonacci retracement) of the previous decline and now appears poised for more downside action. We like short entry at the current level and again at $40.00 (gap resistance) with a closing stop above $41.00. To the downside, another test of near-term price support at $35.00 would be our initial target. If support there fails to hold, look for $30.00 eventually to test the early October low.
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