Stock: MM
Company: MerryMart Consumer Corp.
Support: 7.00 / 6.62
Resistance: 8.12


The stock’s two-day downturn was arrested after it managed to climb by almost a percent towards 7.30. There is still some leftover bullishness from when the stock welcomed the year with a strong one-day gain of +29.29%.

However, the momentum has begun showing signs of tapering. Currently, the RSI is nearly flat at the buying territories. The ADX has been on a gradual downtrend as well. The MACD, on the other hand, crossed over bearishly.

It seems that MM has established a support level at 7.00. The stock will likely continue consolidating sideways until 8.12 at least for the next week. Meanwhile, the stock soared towards as high as 7.98 intra-day.

Recommendation

Trade the range.

LEAVE A REPLY

Please enter your comment!
Please enter your name here