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Molycorp (MCP) Stock into 2012 - Buy Levels, Price Targets
September 21, 2011 - Molycorp (MCP), a rare earth metal production company, has been under fire this week after JP Morgan issued a downgrade on the stock. Shares of MCP dropped from $54 to below $40 today.
Should we buy Molycorp (MCP) and hold into 2012? What are some of the important support and resistance levels to watch? I will try to answer some of these questions below.
MCP has treated me well in 2011. I bought and sold it a lot during the first half of 2011 but have stayed away from the stock recently. I liked it below $50 for bounce trades in July and August but this latest downgrade crushed the stock. I am now looking at a possible entry point between $35-$38. I feel we could at least see a short term bounce if this zone is hit which I would then sell into.
MCP Support Levels to Watch - $38, $35, $31, $26.90
MCP Resistance Levels to Watch - $40.25, $42, $43.89
Price Target 2012 - JP Morgan $66
Tags: 2011, 2012, buy, mcp, molycorp, price, sell, stock, target
Views: 10934
Replies to This Discussion
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Permalink Reply by Kevin Winkleboss on -
Whats the 50 day moving average?
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Permalink Reply by Stocks To Buy on -
MCP 50 day moving average - $28.88 - this will be the first close above the 50 day since the stock started to break down around $55-$60. The volume is heavy, shorts continue to cover.
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Permalink Reply by Kevin Winkleboss on
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So what do you think? Looks like it should end the day above the 50 day moving average. Does that mean we might see a steady increase for a short while?
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Permalink Reply by Stocks To Buy on
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It means that risk is now to the upside and all pullbacks will be bought into
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Permalink Reply by aaron moeller on
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Are you making your final buy here or waiting?
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Permalink Reply by Stocks To Buy on
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Commodities are surging, rare earths are hot again
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Permalink Reply by Roberto on
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what is the outlook over the next few days? you think the commodity surge will last? is it worth chasing?
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Permalink Reply by Stocks To Buy on
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I think this commodities rally is for real.... They are all breaking out with the US keeping interest rates low and so much money bring printed.
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