From February 15:
"...if past is prologue (H&S Top in the Hourly Chart after a big rally), the Bears will capitalize on this opportunity."
From Friday's close of 22.93, the Bears knocked Morgan down 18% to a low of 18.82 in less than a day and a half of trading. The 19.48 target (low of the Bear Flag pattern in the daily chart below) MADE in the process.
"Take profits, or at least some profits, when targets get MADE." Particularly, in my view, in a stock that has been in such a strong intermediate-term uptrend in a dreadful Bear Market. Morgan has rallied 264% in just four months' time.
Yesterday's candle was a Bullish Hammer. It's only bullish, of course, with upside follow-thru. The neckline, which comes in today at 21.74, hasn't been retested and there's also an unfilled gap in the daily chart just above the neckline, from 22.06-22.20. Those levels are Key Resistance on any rally.
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