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mcp crystal ballMolycorp (MCP) breaking down on the daily chart

[Update: Covered my position today (11/2) at 9.95 for a 3.7% gain from 10.34]

I haven't taken a lot of trades lately, and mainly that has been because of the unpredictable nature of this market. On Friday I went long on Amazon.com after it showed incredible buying strength after its earnings sell-off. I sold it today at 236.09 from $231 for a +2% gain. 

I'm still holding onto  AGU from $106, and don't have plans to sell, and now I am going short Molycorp (MCP) at $10.34 with a stop-loss at $10.79. 

There is a huge level of support being broken on this stock at that $10.30 - $10.45 level. Assuming this holds for today, we could see increased weakness in the days ahead. 

Here's the swing trade short setup in MCP

Molycorp MCP short swing trade setup

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ryan1Ryan (@shareplanner) specializes in swing trading strategies and is the founder of SharePlanner which he created to help and teach others on how to trade stocks better using multiple approaches and time frames. Each day you can count on Ryan to provide his trading advice as well as transparency in every trade that he makes. Ryan Mallory resides in Central Florida with a wife of seven years as well as one lively son. More >>

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