Looking at our highest timeframe we can see MCO continues to respect its uptrend starting in 2019. Stochastic RSI showing momentum is in favor of the bulls with no signs of slowing down. The last 6 weeks have left price in a tight zone, struggling to close above $5.55 and below $5.10. Starting on the week of March 16 we also see a minor uptrend that leads to an ascending triangle, leaving us with the impression we will be breaking out.
Shifting over to our pattern timeframe we get a better look at our triangle pattern, stochastic rsi showing momentum was in favor of the bears before bottoming out. Price needs to close above $5.55 to reach our next target at $6.40, rejection from this level, and expect a sell-off to $4.58. The fundamentals behind this project have me convinced this project will be here for a while. A daily close above $5.55 activates our trade, rejection from this level, and we sell-off.
