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Is MDVN uptrend becoming established?
MDVN was a possible long for me back in November 2014. Price had broken above the $100 figure and retested it with a bull flag formation and I felt this was enough to propel price higher (which it did, marginally, a few weeks later).
However, the move could not be sustained and price came back down to retest the $100 figure on several occasions - most notably to form a slightly skewed double bottom which just breached support.
Last week this consolidation/pullback zone was broken with a gap up (on higher volume).
Price now seems to be trending again and, with no resistance ahead, this could be a good (but early) opportunity to buy this stock. Longer-term traders may want to wait a little longer to see the trend become more established.
However, the move could not be sustained and price came back down to retest the $100 figure on several occasions - most notably to form a slightly skewed double bottom which just breached support.
Last week this consolidation/pullback zone was broken with a gap up (on higher volume).
Price now seems to be trending again and, with no resistance ahead, this could be a good (but early) opportunity to buy this stock. Longer-term traders may want to wait a little longer to see the trend become more established.
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Twitter: twitter.com/dynamictrader
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