MCO is showing two bullish patterns in different timeframes. An ascending right triangle in the 4 hours chart and a cup and handle in the daily chart:
The minimum target for the ascending right triangle is 32$ and for the cup and handle it's 40$.
Watch for a breakout above 21$ for confirmation. Even if MCO makes a new low below 9$ (I don't think it will), then it would still fit the bigger cup and handle pattern perfectly...
The longer it takes to form the handle, the bigger the following explosion in value usually is.
I am expecting 40$ MCO by the end of February and I am willing to buy more if it drops.
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DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
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