MCP was an interesting trade today. At first glance, it was not a setup that jumped out at me because of the long upper tail on the first candle. However, the first four bars showed a lot of resilience as they refused to close below the 50% level of the opening range (which, in the case of MPC, was the first candle's range). The fifth candle appeared to signal a bearish turn, but the sixth candle formed an "offsetting bar" and closed back above the retracement zone. Price had support from a rising moving average, and I entered on a break of the sixth bar's high.
I closed the position just above the Fibonacci extension at $65.
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