MRF: Wonderful Breakout & Retest, Wyckoff Supply Absorption

Check out the price action along with the volume signature in the highlighted zone in the chart. The breakout on slightly higher volume and then the retest on even higher volume was an interesting development. The subsequent price action is a characteristic sign of absorption of supply while the price was congesting. I am long in this stock and would not be surprised with a rally to the levels mentioned in the chart.

NOTE: Even at the cost of sounding repetitive, these are just #NotesToSelf. Am sharing it in the hope that you might find it interesting and may be pick up a clue or two regarding chart reading. These are not meant to be trading recommendations


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