MSTCLTD: Bullish Descending Channel Breakout1. The Macro Perspective: The Descending Channel
I am taking a LONG bias on MSTC Ltd. (MSTCLTD) on the weekly (1W) timeframe. The stock spent the last several months in a corrective phase, carving out a well-defined "Descending Channel." While descending channels are typically bearish, they are also highly effective at absorbing supply and flushing out weak hands. Breaking out above the upper trendline of this channel is a classic signal that the supply has been exhausted and that institutional
Long