Since the beginning of the latest upmove in MMTC from Nov 2020, the stock has been well supported by a rising trendline on the weekly chart (blue coloured diagonal trendline labelled as "support trendline" on the chart).
MMTC made a weekly closing high of 47.1 in early March 2021 and since then, the stock has been sideways to down and has consolidated in the 40-47 area for multiple weeks. The 46-47 region has previously acted as a resistance area for this stock in 2017-2018 and has also acted as a weekly support back in 2014-2015. Keeping this in mind, any breakout above this level will most likely lead to a rapid upside move in the near future.
Coming back to the present, the stock was in a 9-10 week sideways to down move represented by the red coloured trendline on the chart (labelled "resistance trendline"). This week MMTC has broken out of this resistance trendline with the highest volume in the last 9-10 weeks. A continuation of this move is likely and will target the 57-65 area which represent highs made in 2017 and 2014 respectively.
One can go long with a WCB stop loss of 41-43.
MMTC made a weekly closing high of 47.1 in early March 2021 and since then, the stock has been sideways to down and has consolidated in the 40-47 area for multiple weeks. The 46-47 region has previously acted as a resistance area for this stock in 2017-2018 and has also acted as a weekly support back in 2014-2015. Keeping this in mind, any breakout above this level will most likely lead to a rapid upside move in the near future.
Coming back to the present, the stock was in a 9-10 week sideways to down move represented by the red coloured trendline on the chart (labelled "resistance trendline"). This week MMTC has broken out of this resistance trendline with the highest volume in the last 9-10 weeks. A continuation of this move is likely and will target the 57-65 area which represent highs made in 2017 and 2014 respectively.
One can go long with a WCB stop loss of 41-43.