Stock: MM
Company: MerryMart Consumer Corp.
Support: 7.20 / 5.91
Resistance: 8.00 / 8.56


After the large breakout during the first trading day of this year, MM started to consolidate and sustain this elevated level. All signs point to sustained buying pressure that has been toeing the line between neutral and overbought territory for some time now.

Considering this trend, MM could be gearing up for a possible breakout — although practice caution when buying, since volatility is at extreme highs.

Momentum in terms of ADX has yet to pick up this week, flatlining at just above 15.00.

Recommendation

Hold

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