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MKS daily 22/05/13

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We can see how this has now broken through the huge weekly ascending triangle, hit the next resistance at 454p (important historic one) then dropped back to almost test the 432p breakout before motoring on.

The breakout was indicated early be the RSI breakout on the 15th May and it backtested the RSI trendline perfectly. It's amazing how often RSI works better than price for supports and resistances.

Next resistance for MKS is 492p where the big gap down occurred in Jan 2008. From there it may well drop back to test the 454p breakout but that long term goal of 672p remain valid for now.
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Guest Saturday, 13 August 2022